According to the report from European Central Bank, the annual growth rate of the broad monetary aggregate M3 decreased to 12.3% in February 2021 from 12.5% in January, averaging 12.4% in the three months up to February. Economists had expected a 12.5% increase.

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 16.4% in February, compared with 16.5% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at 1.0% in February, compared with 1.1% in January. The annual growth rate of marketable instruments (M3-M2) decreased to 14.2% in February, down from 18.5% in January.

Annual growth rate of adjusted loans to households stood at 3.0% in February, unchanged from previous month

Annual growth rate of adjusted loans to non-financial corporations increased to 7.1% in February from 6.9% in January