(Finance) – Sales less than expected there M3 money supply in the Eurozone in July 2022. The annualized growth rate of the M3 aggregate, measured monthly by the European Central Bank (ECB), stands at 5.5% from 5.7% in the previous month and compared to the + 5.6% estimated by analysts.
The growth of loans to the private sectorin particular loans to households, stood at 4.5% (compared to 4.6% in June and the consensus), while that of non-financial business loans it grew to 7.7% from the previous 6.8%.
The money supply M3 is a extended indicator which includes two other indicators, M1 and M2. The first consists of circulating money and sight deposits. The second is the sum of M1 and fixed-term deposits. By adding to M2 the repurchase agreements, money market securities and those with a maturity of up to two years, we obtain the M3 aggregate, the first pillar of the ECB’s monetary policy.
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