The current structure of yields has triggered substitution both within and into the broad monetary aggregate M3 , leading to a pronounced decline in annual M1 growth and very rapid increases in time deposits . At the same time , higher short-term interest rates have served to moderate the growth of household borrowing , although cooling housing markets in several parts of the euro area have also played a substantial role in this regard .
Tulukõverate praegune struktuur on põhjustanud ümberpaigutusi nii laia rahaagregaadi M3 siseselt kui ka suunanud sellesse varasid väljastpoolt , alandades seega oluliselt M1 aastast kasvumäära ja kiirendades märkimisväärselt tähtajaliste hoiuste mahu suurenemist . Samas on nii kõrgemad lühiajalised intressimäärad kui ka kinnisvaraturgude jahtumine mitmel pool euroalal alandanud kodumajapidamiste laenuvõtmist .