Euro Area M3 Money Supply Growth at 2-Year High

M3 money supply in the Euro Area rose by 3.8% from a year earlier in November 2024, accelerating from a 3.4% increase in the previous month and surpassing market forecasts of 3.5%.

This was the highest reading since November 2022 when it reached 4.6%.

Among the components, the annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 1.5% in November from 0.2% in October.

Meanwhile, the annual growth rate of short-term deposits other than overnight deposits eased to 6.1% in November from 7.3% in October.

The annual growth rate of marketable instruments fell to 17.0% in November from 20.1% in October.