Monetary developments in the euro area: January 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.6% in January 2025 from 3.4% in December, averaging 3.6% in the three months up to January. 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, increased to 2.7% in January from 1.8% in December. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 3.3% in January from 4.4% in December. The annual growth rate of marketable instruments (M3-M2) decreased to 14.7% in January from 15.8% in December.