Additional insight into the dynamics of international financial flows can be gained from viewing international portfolio flows through the lens of monetary arithmetic. Chart 15 shows how the APP became the dominant source of money creation in the euro area during the previous phase of net asset purchases.
The weighted average savings rate equally declined marginally to 1.48 per cent in October, 2010 from 1.49 per cent in September, 2010 and 1.41 per cent in August, 2010 while the consolidated deposit rate increased to 2.31 per cent in October 2010, up from 2.07 per cent in September and 2.27 per cent in August 2010.