(Finance) – The growth of the M3 money supply in the Eurozone slows down again in the month of September.
The annualized change in the M3 aggregate, recorded monthly by the European Central Bank (ECB), it stands at -1.2% from -1.3% in the previous month and compares with the +1% expected by analysts.
The M3 money supply is an expanded indicator that includes two other indicators, M1 and M2. The first is made up of circulating money and sight deposits. The second results from the sum of M1 and fixed-term deposits. By adding repurchase agreements, money market securities and those with maturities of up to two years to M2, the aggregate M3 is obtained, the first pillar of the ECB’s monetary policy.