Monetary aggregates, known also as "money supply", is the quantity of currencyavailable within the economy to purchase goods and services. Depending on thedegree of liquidity chosen to define an asset as money, various monetaryaggregates are distinguished: M0, M1, M2, M3, M4, etc. Not all of them are usedby every country. Note that methodology of calculating money supply variesbetween countries. M2 is a monetary aggregate that includes all physicalcurrency circulating in the economy (banknotes and coins), operational depositsin central bank, money in current accounts, saving accounts, money marketdeposits and small certificates of deposit. Excess money supply growthpotentially can cause inflation and generate fears that the government maytighten money growth by allowing the interest rates to rise which in turn,lowers future prices.Money supply M2 represents total liquidity. It containscurrency in circulation + time deposits + foreign currency denominated currentdeposits.