(Finance) – The M3 money supply in the Eurozone increased in September. There annualized change in the M3 aggregatesurveyed monthly by European Central Bank (ECB)in fact stood at +3.2%, after the +2.9% of the previous month and expected by analysts.
The growth of loans to the private sectorin particular loans to familiessettles at +0.7% after +0.6% in August, but is lower than expected (+0.8%), while loans to non-financial companies they rose by 1.1% after +0.8% in the previous month.
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.