Broad Money (M3) by Country

Why compare Broad Money (M3) across countries?

Sustained M3 growth above 6-7 percent year-over-year is historically associated with accelerating inflation a year or two later — a relationship the ECB historically built into its two-pillar strategy. FX traders watch M3 alongside credit growth as a slow-moving but reliable inflation signal.

How to read the country list

Watch the year-over-year change. Compare across currencies for relative monetary stance. The eurozone M3 series is the most FX-relevant given the ECB's historical attention to it.