Economists don’t generally speak of money in the broad sense, but rather of monetary aggregates. These monetary aggregates are all denominated in one unit of account (the euro) and are classified according to their liquidity, i.e. how quickly they can be converted into bills and coins. With the exception of the monetary base (M0), the money supply is not created by the Central Bank, but by commercial banks. It is the commercial banks’ power to create money (and the various disputes that arise from it) that we will be concentrating on in this chapter.