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Monetary developments in the euro area: October 2020 (237 KB)

11/27/2020 | 04:49am EST

Press release

26 November 2020

Monetary developments in the euro area: October 2020

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 stood at 10.5% in October 2020, after 10.4% in September, averaging 10.1% in the three months up to October. The components of M3showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 13.8% in October, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2- M1) stood at 1.4% in October, unchanged from the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 14.0% in October from 11.9% in September.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 26 November 2020

Monetary developments in the euro area: October 2020

Chart 1

Monetary aggregates

(annual growth rates)

Data for monetary aggregates

Looking at the components' contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 9.4 percentage points (as in the previous month), short-termdeposits other than overnight deposits (M2-M1)contributed 0.4 percentage point (as in the previous month) and marketable instruments (M3-M2)contributed 0.7 percentage point (up from 0.6 percentage point).

From the perspective of the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 7.9% in October from 7.7% in September, while the annual growth rate of deposits placed by non-financial corporations decreased to 20.5% in October from 21.1% in September. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 7.3% in October from 8.2% in September.

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 26 November 2020

Monetary developments in the euro area: October 2020

Counterparts of the broad monetary aggregate M3

As a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), the annual growth rate of M3 in October 2020 can be broken down as follows: credit to general government contributed 7.3 percentage points (up from 6.8 percentage points in September), credit to the private sector contributed 5.2 percentage points (as in the previous month), longer-term financial liabilities contributed 0.3 percentage point (as in the previous month), net external assets contributed 0.1 percentage point (down from 0.5 percentage point), and the remaining counterparts of M3 contributed -2.5 percentage points (down from -2.4 percentage points).

Chart 2

Contribution of the M3 counterparts to the annual growth rate of M3

(percentage points)

Data for contribution of the M3 counterparts to the annual growth rate of M3

Credit to euro area residents

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

Press release / 26 November 2020

Monetary developments in the euro area: October 2020

As regards the dynamics of credit, the annual growth rate of total credit to euro area residentsincreased to 8.8% in October 2020 from 8.4% in the previous month. The annual growth rate of credit to general governmentincreased to 20.3% in October from 18.9% in September, while the annual growth rate of credit to the private sectorstood at 4.9% in October, unchanged from the previous month.

The annual growth rate of adjusted loans to the private sector(i.e. adjusted for loan sales, securitisation and notional cash pooling) stood at 4.6% in October, unchanged from the previous month. Among the borrowing sectors, the annual growth rate of adjusted loans to householdsstood at 3.1% in October, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financialcorporationsdecreased to 6.8% in October from 7.1% in September.

Chart 3

Adjusted loans to the private sector

(annual growth rates)

Data for adjusted loans to the private sector

European Central Bank

Directorate General Communications, Global Media Relations Division

Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany

Tel.: +49 69 1344 7455, e-mail:media@ecb.europa.eu, website: www.ecb.europa.eu

Reproduction is permitted provided that the source is acknowledged.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Banco de España published this content on 26 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2020 09:48:04 UTC


© Publicnow 2020
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