Wednesday, the European Central Bank said the annual growth rate of M3 in the euro area slowed to 5.1% in March from 5.8% in February. Economists were expecting an annual 5.7% rise.

Also, three-month average of the annual M3 growth for the period of January to March decreased to 5.6% from 6.4% in the three months to February.

Like M3, increases in M1 and short term deposits also eased in March. M1 rose 5.9% annually in March compared to 6.3% in the prior month. The annual rate of growth of short-term deposits other than overnight deposits slowed to 6.4% from 7.8% in February. Meanwhile, marketable instruments showed a negative annual growth of 1%.

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