13  The Bank of Canada also assigns the monetary aggregates a more prominent role in the conduct of monetary policy. Freedman (2000) provides a summary of the role of the monetary aggregates at the Bank of Canada. 14  See Angeloni et al.
(2000) for a thorough discussion of the role of the money-growth reference value in the overall policy strategy of the ECB. BIS Review 25/2001  9  To move in this direction would have the advantage of allowing money growth once again to play a role as a failsafe, or second check, on the consistency of monetary policy with FOMC's medium-term inflation objective.