• 1. Introduction
  • 2. ECB strategy – design and performance
  • 3. Discussion about the role of money
  • 3.1 The use of M3 and the reference value concept
  • 3.2 Modifications to the reference value concept
  • 3.3 A case for the “price gap” or “real money gap”
  • 4. Monetary targeting versus inflation targeting
  • 5. Conclusions
  • REFERENCES