FRANKFURT (AFX) - Euro area M3 grew 4.9 pct year-on-year in December, down from a year-on-year revised growth rate of 5.0 pct in November.
The three month moving average of M3 year-on-year growth rates was 5.0 pct in the October-December period compared with 5.1 pct in September-November.
The ECB revised upward the November M3 growth rate to 5.0 pct from the earlier announced 4.9 pct.
The ECB has set a reference value of 4.5 pct for year-on-year M3 growth. The reference value is not a target but is used as a basis for monitoring trends in monetary growth.