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The target definition for Intermediate money comprises narrow money (M1) and, deposits with a maturity of up to two years and deposits redeemable at a period of notice of up to three months. Depending on their degree of moneyness, such deposits can be converted into components of narrow money, but in some cases there may be restrictions involved, such as the need for advance notification, delays, penalties or fees. The definition of M2 reflects the particular interest in analysing and monitoring a monetary aggregate that, in addition to currency, consists of deposits which are liquid.

Source Publication:
European Central Bank.

Cross References:
Monetary aggregates – OECD
Money supply

Statistical Theme: Financial statistics - Monetary aggregates

Created on Tuesday, September 25, 2001

Last updated on Tuesday, October 23, 2012