According to ECB, the annual growth rate of the broad monetary aggregate M3 decreased to 4.8% in July 2016, from 5.0% in June, averaging 4.9% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 8.4% in July, from 8.7% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at -1.4% in July, compared with -1.5% in June.

The annual growth rate of marketable instruments (M3-M2) decreased to 4.9% in July, from 6.5% in June. Within M3, the annual growth rate of deposits placed by households stood at 4.8% in July, compared with 4.7% in June, while the annual growth rate of deposits placed by non-financial corporations decreased to 7.3% in July, from 7.8% in June. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 0.4% in July, from 2.8% in June.