Money Supply Growth

In European statistics agencies, money supply is divided into aggregates M1, M2 and M3, each of them is measured on a monthly basis.

• M1 consists of cash in circulation and deposits with very little urgency from which the money can almost instantly be used as a means of payment. These are overnight deposits.
• M2 consists of all the components of M1 together with deposits up to two years and revocable deposits up to three months.
• M3 consists of all the components of M2 together with repo trades, securities and debt securities of up to two years.

The biggest attention when deciding on monetary policy is given to aggregate M3 based on which the European Central Bank sets the inflation target.

• Release Frequency: monthly.
• Release Schedule: 9:00 GMT.
• Source: Eurostat, The European Central Bank.