The ECB has still not decided which monetary policy strategy to pursue from 1999. However, the preparatory work has reduced the possible alternatives to two: a strategy of intermediate objectives fixed in terms of the quantity of money and a direct inflation targeting strategy. It would be also...

This paper presents the Banco de España's experience in the field of monitoring the main monetary and financial magnitudes, describing the various methodological aspects that lead a central bank to use seasonally adjusted series in monetary monitoring and analysis.