M3 excluding holdings of money market fund shares/units by non-residents of the euro area.
Monetary aggregates comprise monetary liabilities of MFIs and central government (Post Office, Treasury) vis a vis non-MFI euro area residents excluding central government.
M3 (broad money) comprises M2 and marketable instruments issued by the MFI sector. Certain money market instruments, in particular money market fund (MMF) shares/units and money market paper, and repurchase agreements are included in this aggregate.
MFI = Monetary Financial Institution
The growth rate over the n months ending in month t is calculated by dividing the index for month t by the index for month t-n. For example, the annual growth rate for month t is obtained by the ratio of the indexes of months t and t-12.