In July 2023, the euro area experienced significant monetary changes:
Summary M3 money supply: M3 money supply growth declined to -0.4% from 0.6% in June. M1, consisting of currency and overnight deposits, fell to -9.2% from -8.0% in June. Short-term deposits (M2-M1) decreased slightly from 24.0% to 23.9%. Marketable instruments (M3-M2) decreased from 22.8% to 20.6%. Contributions to M3 growth: M1 contributed -6.7 percentage points.…