According to the report from European Central Bank, the annual growth rate of the broad monetary aggregate M3 decreased to 8.3% in June 2021 from 8.5% in May, averaging 8.7% in the three months up to June. Economists had expected a 8.2% increase in June.
The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 11.7% in June, compared with 11.6% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.3% in June, compared with -0.7% in May. The annual growth rate of marketable instruments (M3-M2) decreased to 9.0% in June from 11.5% in May.
Annual growth rate of adjusted loans to households stood at 4.0% in June, compared with 3.9% in May
Annual growth rate of adjusted loans to non-financial corporations stood at 1.9% in June, unchanged from previous month.
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