Monetary and credit developments in 2011

In 2011, the annual growth rate of euro area M3, which had turned positive in 2010 (1.7%), increased up until the summer of 2011 before falling back to 1.5% at the end of the year. Meanwhile, the French contribution to M3 stood at 3.3%, down sharply from the previous year (6.6%). Loans to the non-financial private sector continued to grow in France at a faster pace than in the euro area.