Euro area and euro-area countries
The ECB requires extensive information on the money-issuing sector to be able to conduct a single monetary policy for the euro area. The overall monetary surveys are one of the key ingredients in the decision-making process. These include the consolidated balance sheet of the euro-area monetary financial institutions (MFIs) sector, which the ECB compiles from the national contributions of the member states, and the money stock and its counterparts which are derived from this, the evaluation of which is referred to as monetary analysis.
Apart from the information about the money-issuing sector, effective euro exchange rates and general economic indicators are also used to assess the euro area's economic situation. The latter include, in particular, real gross domestic product, industrial output, industrial capacity utilisation, the unemployment rate and the Harmonised Index of Consumer Prices.
A stable economic and monetary union is founded on sound public finances. The development of member states’ public finances is therefore observed as part of the European Union’s "Stability and Growth Pact". The "Excessive Deficit Procedure (EDP)" is based on two fiscal indicators – net borrowing/lending and the debt level.