Monetary aggregates

This section presents the euro area monetary aggregates (M1, M2 and M3). These are derived from the consolidated balance sheet of monetary financial institutions (MFIs) and take into account certain central government monetary assets/liabilities.

Monetary financial institution (MFI) balance sheet items (BSI) statistics are compiled by the ECB and include monthly and quarterly data. The MFI sector includes central banks, credit institutions, money market funds (MMFs), and e-money institutions and deposit-taking corporations other than credit institutions that are covered under the MFI definition.

This section presents data on euro area monetary aggregates and counterparts. These statistics are obtained from the consolidated balance sheet of the euro area monetary financial institution (MFI) sector, which is derived from the aggregated balance sheet of the euro area MFI sector by netting out positions within the sector.The dataset includes monthly and quarterly data referring to the euro area as a whole, covering outstanding amounts, transactions, growth rates and, for a selected set of series, information on “adjustments” (i.e. statistical reclassifications, price revaluations and exchange rate adjustments).

BSI statistics are based on either the aggregated or the consolidated balance sheet of the monetary financial institutions (MFI) sector. The aggregated balance sheet is the sum of the balance sheets of all MFIs resident in the euro area. The consolidated balance sheet is obtained by netting the aggregated balance sheet positions between MFIs in the euro area. The consolidated balance sheet provides the basis for the regular analysis of euro area monetary aggregates and counterparts.

BSI statistics comprise:

1. Monetary aggregates and counterparts
2. MFI balance sheets
3. Credit institutions and money market funds
4. Electronic money
5. Estimated MFI loans to NFCs by economic activity (NACE)

Data Structure Definition of the BSI Dataflow is available here.

All MFIs (see ECB website for a precise definition and a list of MFIs) in the euro area are legally obliged to report data from their business and accounting systems to the national central banks of the Member States where they reside. These in turn report national aggregates to the ECB.

Data collection is based on a census rather than a sample. Nonetheless, national central banks can, at their discretion, offer MFIs exemptions from full reporting on a national basis, provided that the MFIs supplying a full statistical return make up at least 95% of the total national MFI balance sheet (modified census).

Some monetary assets/liabilities of central government (post office,treasury) are also included in this dataset.