-
Monetary developments in the euro area
The annual growth rate of the broad monetary aggregate M3 stood at 2.5% in October 2014, unchanged from the previous month.1 The three-month average of the annual growth rates of M3 in the period from August 2014 to October 2014 increased to 2.3%, from 2.1% in the period from July 2014 to September 2014. Regarding the main components of M3, the annual growth rate of M1 stood at 6.2% in October 2014, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -2.1% in October, from -1.6% in the previous month. The annual growth rate of ... (full story)