论欧元区货币政策的监控指标——M_3年值率参考值

On the monitoring indicator of monetary Policy in Euro area

欧洲央行货币政策的终极目标是价格稳定。据认为，价格变化从中长期看，是货币现象。央行监控若干经济指标中，货币指标起关键作用。目前，欧洲央行用Ｍ３ 参考值而不用固定指标监控使货币政策具有一定弹性，以适应１１ 个主权国统一货币政策的背景。

The ultimate goal of monetary policy of European Central Bank is to maintain price stability.As there is wide agreement ,price development in the medium to long term is a monetary phenomenon.Central bank has to monitor a variety of economic indicators,among them money aggregate plays a key role.At present,ECB use the reference value of M 3 growth rate,but not a target elasticity to meet the background of the intergrated monetary policy of 11 sovereign countries.