Concerning the first point, the increase in demand for euro banknotes, at present only in the form of its national denominations, would make the M1 component of M3 more volatile and less meaningful for monetary policy purposes.
Other components of M3 could also be affected if residents move funds held with domestic Monetary Financial Institutions (MFIs) abroad or vice-versa, or if part of the money market instruments included in M3 come to be held by non-residents.