Monetary developments in the euro area : October 2024

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.4% in October 2024 from 3.2% in September, averaging 3.2% in the three months up to October. 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, increased to 0.2% in October from -1.3% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 7.3% in October from 9.6% in September. The annual growth rate of marketable instruments (M3-M2) decreased to 20.0% in October from 21.6% in September.