Like the Fed and other central banks, the ECB chooses to implement its policy by setting a target for a short-term interest rate. But the ECB also gives a more prominent role to the money supply than the Fed does 13 today. The ECB has set out a two-pillar strategy for guiding its adjustment of interest rates in pursuit of price 14 stability.
The first pillar is a reference value for money growth. The ECB sets a reference value for a single monetary aggregate, the M3 definition that is essentially the same as the M2 definition for the United States.