A monetary aggregate is defined by the ECB as the sum of currency in circulation plus those outstanding liabilities of monetary financial institutions that have a high degree of money or liquidity in the broad sense. – According to the Eurosystem’s definition, broad money M3 includes, in addition to currency in circulation, the following liabilities of the euro area money creation sector in the hands of euro area residents: – overnight deposits, – deposits with agreed maturity of up to two years, – deposits redeemable at notice of up to two years, – deposits redeemable at notice of up to three months, – repurchase agreements, – money market fund shares/units and money market paper, and – debt securities with original maturity of up to two years. – See money market segments, money supply, money creation, money creation sector, financial institution, monetary, liquidity, M1, M2, M3. – See the annex „Euro area statistics“ in the respective ECB Monthly Bulletin, section „Monetary statistics,“ ECB Monthly Bulletin, September 2003, p. 9 et seq. (changes in statistical coverage).

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