Monetary developments in the euro area: February 2024

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 0.4% in February 2024 from 0.1% in January, averaging 0.2% in the three months up to February. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -7.7% in February, compared with -8.6% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 18.8% in February from 19.8% in January. The annual growth rate of marketable instruments (M3-M2) decreased to 17.6% in February from 22.4% in January.