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The Eurosystem's monetary policy strategy is based on a broad framework of analysis of available economic information. It rests on two "pillars", which correspond to complementary approaches (real and monetary) to explaining inflation and its causes. Monetary analysis relies on a wide range of indicators, in particular M3, its components and counterparts, and especially credit. 

  • banks' balance sheets (including Eurosystem central banks)  
  • the balance sheets of other monetary financial institutions, mainly credit institutions and money market funds.  

 Within the Eurosystem's statistical framework: 

     the Banque de France collects and presents developments in France.  
  • the European Central Bank centralises national contributions, calculates and disseminates euro area aggregates. 
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