The monetary policy strategy of the Eurosystem attaches great importance to monetary developments.

Monetary analysis examines developments in the monetary aggregates (M1, M2 and M3) and the balance sheet data which serve as their determinants.

The analysis focuses on the growth in the money stock M3, for which a benchmark annual growth rate of 4.5% was set.

Seasonally and calendar-adjusted time series – depending on the indicator – are provided in addition to the unadjusted figures. The adjusted data are estimated using version 0.2.8 of the Census X-12-ARIMA program.