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Monetary developments 2017Jul

Published on 08/28/2017
The growth of monetary resources remains strong
In July, domestic monetary resources of French monetary financial institutions slow down but remain buoyant (+6.8%, down from +7.6% in June). This deceleration is driven by each of the three components of M3: domestic resources included in M1 (+13.2%, after +14.0%), those included in M2-M1 (+2.8%, after +3.3%) and those included in M3-M2 (+0.5%, after +2.3%). Overnight deposits remain the main contributors to the growth of domestic monetary resources.
After taking monetary external assets and liabilities vis-à-vis other monetary union members into account, the growth rate of the French component of euro area monetary aggregate M3 decreases (+7.0%, after +8.1%).


France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
juil. 2017 May-2017 Jun-2017 juil. 2017
Overnight deposits 900 13.9 14.0 13.2
= Domestic resources included in M1 900 13.9 14.0 13.2
Deposits with agreed maturity of up to 2 years 125 -3.9 0.3 -4.4
+ Saving accounts 632 3.7 3.9 4.4
= Domestic resources included in M2-M1 757 2.3 3.3 2.8
MMF shares 264 2.7 4.0 2.6
+ Repurchase agreements 20 -9.7 -12.5 -5.8
+ Debt securities issued with a maturity of up to 2 years 65 0.5 0.7 -5.4
= Domestic resources included in M3-M2 350 1.5 2.3 0.5
Sum of domestic resources included in M3 2,007 7.0 7.6 6.8
+ Monetary external liabilities vis-à-vis other monetary union members 192 12.9 13.6 8.6
- Monetary external assets vis-à-vis other monetary union members 39 18.2 7.1 3.6
= French component of euro area monetary aggregate M3 2,160 7.3 8.1 7.0
(a) Seasonally-adjusted data.
Source : BdF
Additional information
The outstanding amount of monetary claims (excluding coins and banknotes) consists of claims with an initial maturity of up to and including 2 years that monetary counterparts (basically households, non-financial corporations, general government excluding central government, insurance corporations, non-money market funds, investment funds and financial vehicle corporations) hold against monetary financial institutions (deposit-taking institutions, sociétés de financement under French law, Caisse des dépôts et consignations, MMF and the central bank).
Saving accounts include regulated saving accounts, i.e. livrets A, livrets de développement durable, comptes d'épargne logement, livrets d'épargne populaire, and non-regulated saving accounts, i.e. livrets jeunes and livrets ordinaires. Amounts held on regulated saving accounts are partly transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations. Debt securities with maturity of up to 2 years mainly include certificates of deposit (short term paper) issued by French deposit-taking institutions and subscribed by neither MMF nor deposit-taking institutions counterparts.
Annual growth rates are adjusted for reclassifications and revaluations but not for foreign exchange rate effects.
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Monetary developments
  • Published on 08/28/2017
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Published on Monday, August 28, 2017