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Monetary developments in the euro area
The annual growth rate of the broad monetary aggregate M3 decreased to 2.0% in November 2011, from 2.6% in October 2011.1 The three-month average of the annual growth rates of M3 in the period from September 2011 to November 2011 decreased to 2.5%, from 2.8% in the period from August 2011 to October 2011. Regarding the main components of M3, the annual growth rate of M1 increased to 2.1% in November 2011, from 1.7% in October. The annual growth rate of short-term deposits other than overnight deposits (M2- M1) decreased to 2.1% in November, from 2.3% in the previous month. The annual growth rate of marketable ... (full story)