Aguilar, Carmen Picón; Soares, Rodrigo Oliveira; … - 2020
We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … two statistical frameworks that follow similar conventions: the balance sheet items (BSI) of MFIs and the balance of … payments statistics. The first step to including external flows in the monetary analysis is to understand the nature of the …