Monetary developments in the euro area: March 2024

  • Annual growth rate of broad monetary aggregate M3 increased to 0.9% in March 2024 from 0.4% in February
  • Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -6.7% in March, compared with -7.8% in February
  • Annual growth rate of adjusted loans to households stood at 0.2% in March, compared with 0.3% in February
  • Annual growth rate of adjusted loans to non-financial corporations stood at 0.4% in March, compared with 0.3% in February

Published on the 26th of April 2024

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 0.9% in March 2024 from 0.4% in February, averaging 0.4% in the three months up to March. 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 -6.7% in March, compared with -7.8% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 16.9% in March from 18.8% in February. The annual growth rate of marketable instruments (M3-M2) increased to 19.2% in March from 17.5% in February.

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Updated on the 25th of July 2024