M3 Money Supply in Eurozone

Banco Central Europeo (BCE) · Mensual · Importance 2

3.3% (Jun-26) YOY · % · Mensual · CSV

About this indicator

Source	European Central Bank
Frequency	Mensual
Release	Aproximadamente cuatro semanas después del cierre del mes de referencia.
What it is	M3 is the euro area's broad monetary aggregate, measuring the amount of money in circulation. It comprises currency and overnight deposits (M1), time and savings deposits (up to M2) and other liquid instruments such as repos, money market fund shares and short-term securities. It is published by the ECB.
How it's calculated	The ECB compiles it by aggregating the monetary liabilities of euro area monetary financial institutions according to their degree of liquidity. Its level and, above all, its year-on-year growth rate are released.
Market implications	Money growth is a classic reference for medium-term inflationary pressures and for the economy's financing conditions, so the ECB monitors it as part of its monetary analysis. Rapid expansion can foreshadow higher future inflation.
Limitations	The link between money growth and inflation is unstable in the short run, so it must be interpreted with caution. The data are also subject to revisions.