Monetary Aspects of the 1971/72 Report of the German Council of Economic Advisers. — This paper deals mainly with the concept of a “computable credit maximum” (Ks+) for the commercial banking system, as presented by the German Council of Economic Advisers. Ks+ is supposed to be based on a theory of credit creation which, however, is not explained. The advisers base interpretations of monetary policy on Ks+ and, strangely enough, use it as an indicator, at the same time, of the direction and the energy of (1) total monetary policy, (2) minimumreserve policy alone and (3) monetary impulses in general.