The ECB’s report on the monetary developments in the euro area revealed that the annual growth rate of broad monetary aggregate M3 accelerated to 10.5 percent in October from an unrevised 10.4 percent in September. Economists had forecast M3 annual growth rate to stay at 10.4 percent in October.

Among the components of M3, the annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 13.8 percent in October, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was at 1.4 percent in October, also unchanged from the previous month. In the meantime, the annual growth rate of marketable instruments (M3-M2) accelerated to 14.0 percent from 11.9 percent in September.

The report also revealed that the annual growth rate of adjusted loans to households was 3.1 percent in October unchanged from September, while the annual growth rate of adjusted loans to non-financial corporations stood at 6.8 percent, down from 7.1 percent in the previous month.