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Monetary developments in the euro area
The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in March 2012, from 2.8% in February 2012.1 The three-month average of the annual growth rates of M3 in the period from January 2012 to March 2012 increased to 2.8%, from 2.3% in the period from December 2011 to February 2012. Regarding the main components of M3, the annual growth rate of M1 increased to 2.7% in March 2012, from 2.5% in February. The annual growth rate of short-term deposits other than overnight deposits (M2- M1) increased to 3.3% in March, from 3.1% in the previous month. The annual growth rate of marketable instruments ... (full story)