It may, however, sometimes complicate the conduct of monetary policy. In the ESCB’s monetary policy strategy, developments in monetary aggregates play a prominent role, and these developments will be analysed very carefully.
If a significant part of the money stock were to circulate outside the euro area and if its development were to deviate from that circulating inside the euro area, this could be a source of instability in money demand. But this is only one of the challenges which the ESCB will be facing in analysing developments in monetary aggregates.