Monetary aggregates comprise monetary liabilities of MFIs and central government (post office, treasury, etc.) Monetary developments in the euro area (monthly) 2. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. This section sets out the euro area monetary aggregates and counterparts.

These are derived from the This section also includes information on additional elements of relevance when using the monetary statistics published by the ECB; these include the This dataset was a one-off publication; it is not updated regularly.

vis-à-vis non-MFI euro area residents excluding central government.These factors give rise to breaks in the series and hence affect the comparability of two successive end-of-period stocks.Seasonal adjustment is the process of estimating and removing seasonal effects from a time series.

National seasonally adjusted data, including growth rates, are available on the SDW at the below link.We are always working to improve this website for our users. The difference between direct and indirect estimates of euro area monetary aggregates is regularly monitored and, generally has proven to be negligible.Forecast seasonal factors are also used and revised when required, for example, in the case of large data revisions or where the models used are statistically inadequate when new data are incorporated.

For background information and method, see The seasonal adjustment procedures used by the ECB also cater for calendar adjustment, where relevant.The approach used to seasonally adjust the euro area monetary aggregates and counterparts relies on a multiplicative decomposition using the X-12-ARIMA method. To do this, we use the anonymous data provided by cookies.We are always working to improve this website for our users.

Look at press releases, speeches and interviews and filter them by date, speaker or activity. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Get an overview of what the European Central Bank does and how it operates.

1.

For this purpose, a concurrent adjustment is run on a monthly basis in order to assess the validity of the seasonal factors in use.Besides the release of seasonal adjusted data for the euro area, the ECB makes available via the SDW seasonally adjusted data on loans to euro area households and non-financial corporations for a number of countries, where these are provided by the respective national central banks. To do this, we use the anonymous data provided by cookies.We are always working to improve this website for our users.

To do this, we use the anonymous data provided by cookies.Historical time series for research purposes (start date: 1970) These national seasonally adjusted data comprise outstanding amounts and transactions from 2003 onwards and are adjusted for loan sales and securitisation (for data up to 2010, adjustment for sales and securitisation is done on a best efforts basis using available information). Outliers are taken into consideration to minimise distortions to the estimated seasonal and calendar adjustments.To ensure that the seasonally adjusted components are additive to the seasonally adjusted aggregates, some of the seasonally adjusted series, in particular M3, are derived indirectly. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets.

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