The revision of the monetary statistics in order to take into account purchases of negotiable instruments by non-euro area residents is a further step in this direction. The monetary statistics are among the most advanced statistics available for the euro area.
They are based on a fully harmonised consolidated balance sheet and on fully harmonised money-issuing and money-holding sectors, as well as on harmonised financial instruments. In view of their close links with inflationary developments and their good leading indicator properties for future inflation, monetary developments must also play a prominent role in the monetary policy strategy of the ECB in the future.