The table shows data on end-of-month balances for the monetary aggregates M1, M2 and M3, calculated according to the definition of the European Central Bank (ECB).
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Table A1 Republic of Croatia contribution to euro area monetary aggregates
The table shows data on end-of-month balances for the monetary aggregates M1, M2 and M3, calculated according to the definition of the European Central Bank (ECB). The main characteristics of monetary aggregates under the ECB’s definition:
- inclusion of liabilities of monetary financial institutions to euro area non-monetary sectors,
- exclusion of the monetary neutral sector (the central government has the status of a monetary neutral sector),
- limited maturity of items included (liabilities of up to 2 years and deposits redeemable at notice of up to 3 months),
- equal treatment of the liabilities in domestic and foreign currency,
- inclusion of money market funds (MMF) shares/units into M3.
The composition of monetary aggregates, as defined by the ECB is:
- M1 contains currency in circulation and overnight deposits,
- M2 includes beside M1 also deposits with agreed maturity of up to 2 years and deposits redeemable at notice of up to 3 months,
- M3 includes M2, repurchase agreements, debt securities with the maturity of up to 2 years and MMF shares/units issued.
The item Currency in circulation is calculated on the basis of the Capital Share Mechanism, which foresees the split of the total amount of issued banknotes in the euro area between the different national central banks of the euro area with respect to their share in the capital of the ECB.
The contribution of the Republic of Croatia to euro area monetary aggregates does not represent the monetary aggregates of the Republic of Croatia. The concept of residency is the one of the euro area. Due to the consolidation within the MFI sector on the level of euro area countries the aggregate M3 could become smaller than M2.