Statistics glossary

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M

M1
A “narrow” monetary aggregate that comprises currency in circulation and overnight deposits.
M2
An "intermediate" monetary aggregate that comprises M1 plus deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months.
M3
A “broad” monetary aggregate that comprises M2 plus repurchase agreements, money market fund shares and units as well as debt securities with a maturity of up to two years.
maturity at issue (original maturity)
The period of life of a financial instrument that is fixed at the time it is issued. A redemption of that financial instrument is not possible before that period has expired (in the case of debt securities, for instance) or is possible earlier only if some form of penalty is paid (in the case of some types of deposit). Financial instruments are classified according to the period of notice only when there is no agreed maturity.
metadata
Any kind of statistical information that defines or describes other data (e.g. attributes, structures, code lists, etc.).
MFI
See
monetary financial institution (MFI)
MFI credit to euro area residents
MFI loans granted to non-MFI euro area residents (including the general government and the private sector) and MFI holdings of securities (shares, other equity and debt securities) issued by non-MFI euro area residents.
MFI interest rates
The interest rates that are applied by resident credit institutions and other MFIs, excluding central banks and money market funds, to euro-denominated deposits and loans vis-à-vis households and non-financial corporations resident in the euro area.
MFI longer-term financial liabilities
Liabilities that are not included in M3 and that comprise deposits with an agreed maturity of over two years, deposits redeemable at a period of notice of over three months, debt securities issued by euro area MFIs with an original maturity of more than two years and the capital and reserves of the euro area MFI sector.
MFI net external assets
The external assets of the euro area MFI sector (e.g. MFI holdings of cash in non-euro area currencies, MFI holdings of securities issued by non-euro area residents, and MFI loans granted to non-euro area residents, as well as gold and SDRs held by the Eurosystem) minus the external liabilities of the euro area MFI sector (e.g. non-euro area residents’ holdings of deposits, repurchase agreements, money market fund shares/units and debt securities issued by MFIs with a maturity of up to and including two years).
monetary financial institution (MFI)
Financial institutions which together form the money-issuing sector of the euro area. These include the Eurosystem, resident credit institutions (as defined in EU law) and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credit and/or invest in securities. The latter group consists predominantly of money market funds.
monetary income
Income accruing to the euro area NCBs in the performance of the Eurosystem’s monetary policy function, derived from assets earmarked in accordance with guidelines established by the Governing Council and held against banknotes in circulation and deposit liabilities to credit institutions. See also
earmarking system
monetary presentation of the b.o.p.
A presentation that distinguishes the external transactions of the MFI sector from those of the non-MFI sector. The analysis of the external counterpart of M3 contributes, together with that of the domestic counterparts, to the assessment of M3 developments.
money market
The market in which short-term funds are raised, invested and traded, using instruments which generally have an original maturity of up to one year.