Monetary Developments in the Euro Area: January 2016

The annual growth rate of the broad monetary aggregate M3 increased to 5.0% in January 2016, from 4.7% in December. The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 10.5% in January, from 10.8% in December. The annual growth rate of loans to households stood at 1.4% in January, unchanged from December. The annual growth rate of loans to non-financial corporations increased to 0.6% in January, from 0.1% in December.

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