TAILIEUCHUNG - the supply oF money – banK behaViour and the implications For monetary analysis

Aside from the short-lived exceptions of the First Bank of the United States and the Second Bank of the United States, bank chartering was solely a function of the states until 1863. Only in that year, with the passage of the National Currency Act, was a federal role in the banking system per- manently established. The intent of the legisla- tion was to assert federal control over the monetary system by creating a uniform national currency and a system of nationally chartered banks through which the federal government could conduct its To charter and super- vise the national banks, the act created the Office of the Comptroller of the Currency. | ARTICLES THE SUPPLY OF MONEY - BANK BEHAVIOUR AND THE IMPLICATIONS FOR MONETARY ANALYSIS The ECB s monetary policy strategy assigns a prominent role to monetary analysis as one element of the two-pillar framework for the assessment of risks to price stability in the euro area. Monetary analysis ensures that the important information stemming from money and credit is considered in the monetary policy decision-making process and provides a cross-check from a medium to long-term perspective of the assessment of risks to price stability based on the economic analysis. Through an analysis of money and credit developments this article looks at the impact of banks intermediation activity on the macroeconomy with respect to both conjunctural developments and the assessment of nominal trends. Persistent changes in banks behaviour are likely to affect the economy in an enduring and significant manner. The analysis of money and credit growth is thus crucial for conducting an appropriate monetary policy. 1 INTRODUCTION The role of monetary analysis in the ECB s monetary policy strategy is founded on the robust positive relationship between longer-term movements in broad money growth and inflation whereby money growth leads inflationary developments. This relationship is found to hold true across countries and monetary policy Accordingly when trying to identify the contributions to monetary growth that are associated with risks to price stability it is necessary to look for changes of a persistent nature or that are driven by factors beyond the normal needs of the economic cycle. In this respect the supply of money and credit may be affected by persistent advances in banks intermediation capacity thus contributing to longer-term price developments in asset and goods markets and in the short-term by market perception of the financial soundness of banks. Thus from a monetary analysis perspective understanding developments in banks behaviour is an important element in .

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