Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Monetary developments in the euro area: August 2020 (596 KB)

share with twitter share with LinkedIn share with facebook
09/25/2020 | 10:35am EDT

Press release

25 September 2020

Monetary developments in the euro area: August 2020

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 9.5% in August 2020 from 10.1% in July, averaging 9.6% in the three months up to August. The components of M3showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 13.2% in August from 13.5% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 0.4% in August from 1.4% in July. The annual growth rate of marketable instruments (M3-M2) decreased to 8.3% in August from 11.4% in July.

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 / 25 September 2020

Monetary developments in the euro area: August 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 9.0 percentage points (down from 9.2 percentage points in July), short-termdeposits other than overnight deposits (M2-M1)contributed 0.1 percentage point (down from 0.4 percentage point) and marketable instruments (M3-M2)contributed 0.4 percentage point (down 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 stood at 7.5% in August, compared with 7.4% in July, while the annual growth rate of deposits placed by non-financial corporations decreased to 19.9% in August from 20.4% in July. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 4.6% in August from 9.0% in July.

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 August 2020 can be broken down as follows: credit to general government contributed 6.0 percentage points (up from 5.6 percentage points in July), credit to the private sector contributed 5.4 percentage points (up from 5.3

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 / 25 September 2020

Monetary developments in the euro area: August 2020

percentage points), net external assets contributed 0.4 percentage point (up from 0.3 percentage point), longer-term financial liabilities contributed 0.1 percentage point (down from 0.3 percentage point), and the remaining counterparts of M3 contributed -2.4 percentage points (down from -1.4 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

As regards the dynamics of credit, the annual growth rate of total credit to euro area residentsincreased to 8.0% in August 2020 from 7.6% in the previous month. The annual growth rate of credit to general governmentincreased to 16.5% in August from 15.5% in July, while the annual growth rate of credit to the private sectorstood at 5.0% in August, 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 August, compared with 4.7% in July. Among the borrowing sectors, the annual growth rate of adjusted loans to householdsstood at 3.0% in August, and the annual growth rate of adjusted loans to non-financialcorporationsstood at 7.1% in August, both unchanged

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 / 25 September 2020

Monetary developments in the euro area: August 2020

from the previous month.

Chart 3

Adjusted loans to the private sector

(annual growth rates)

Data for adjusted loans to the private sector

Notes:

  • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
  • "Private sector" refers to euro area non-MFIs excluding general government.
  • Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

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 25 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2020 13:34:08 UTC


share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
06:50pLeading Cybersecurity Expert Kate Fazzini Joins IMPACT! Podcast Guestlist
BU
06:35pWORLD BANK : Working Together for Resilience and Economic Growth in the Sava and Drina Corridors
PU
06:33pLouisiana hunkers down as storm Zeta takes aim at state
RE
06:33pU.S. telecoms regulator to vote to split key spectrum block between autos, Wi-Fi
RE
06:30pGALP ENERGIA SGPS S A : and BM-S-11 partners agree on a new Field Development Plan for Tupi and Iracema
PU
06:21pFormer New York City accountant who admitted aiding al Qaeda to be released from prison early
RE
05:55pBrexit talks at most difficult point, European Council President Michel says - Telegraph
RE
05:43pTyson Foods workers to replace some federal inspectors at U.S. beef plant
RE
05:40pCENTRAL BANK OF TRINIDAD AND TOBAGO : Public Notice - Introduction of the New Polymer $5, $10 and $20 Notes
PU
05:37pLiberty Oilfield reports smaller-than-expected loss, sees frac fleet growth
RE
Latest news "Economy & Forex"