In the ECB’s definition – M2 plus – the instruments issued by monetary financial institutions with marketability. These include, in particular, money market fund shares, money market paper and repo transactions. Due to the high degree of liquidity and price stability of these instruments, they are close substitutes for deposits. – The ECB also calls M3 “broad money” and provides a reference value for M3 growth. – See also aggregates, monetary, money supply, M1, fluctuations, low-frequency, intermediate parking. – Cf. the ongoing coverage in the annex “Euro area statistics,” section “Monetary developments, banks and investment funds,” subheading “Monetary aggregates and counterparts” of the respective ECB Monthly Bulletin, ECB Monthly Bulletin of February 1999, p. 35 (definitions), Deutsche Bundesbank Monthly Bulletin of June 2001, p. 41 et seq, ECB Annual Report 2001, p. 18 f. (changes in the calculation in the course of the changeover to the EUR), ECB Monthly Report of March 2002, p. 22 ff. (there also series of figures), ECB Monthly Report of May 2001, p. 9 ff, pp. 44 ff. (important definitions; pp. 50 f.: leading indicator of M3 for future price developments), ECB Monthly Report of November 2001, pp. 12 ff. (because of the calculation), ECB Monthly Report of September 2003 (innovations in statistics), Annual Report 2003 of the Deutsche Bundesbank, p. 35, ECB Monthly Report of January 2004, pp. 12 ff. (comparisons with other currency areas), ECB Annual Report 2004, pp. 27, ECB Monthly Report of September 2005, p. 22 (impact of loan securitization on M3), ECB Annual Report 2005, p. 31 ff. (fine-grained analysis), ECB Monthly Report of August 2006, p. 17 ff. (time series on sectoral holdings and broken down by deposits on individual financial instruments), Deutsche Bundesbank Annual Report 2006, p. 37 (development compared with the reference value, 2001-2007), ECB Monthly Bulletin of July 2007, p. 59 f. (long-term causal relationship between M3 and the inflation rate), Deutsche Bundesbank Monthly Bulletin of September 2008, p. 47 (breakdown of the annual growth rate of M3 since 2006), Deutsche Bundesbank Annual Report 2008, p. 39 f. (growth of M3 between 2003 and spring 2009; overview), Annual Report 2009 of the Deutsche Bundesbank, p. 44 (development of M3 in the euro area 2003-2010), Monthly Bulletin of the ECB of March 2011, p. 27 ff. (growth of M3 since 2005; breakdown of growth variables; overviews), Monthly Bulletin of the ECB of December 2011, p. 28 (main components of M3 since 2004), p. 33 (counterparts to M3).
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