When euro area residents sell securities to non euro area residents or when they borrow abroad, the net external assets of monetary and financial institutions (MFIs) in the euro area rise and the stock of broad money (M3) expands, if the settlement of these transactions involves domestic and foreign banks.
It does not give preference to savings over investments in equities or in fixed income securities, both of which have gained considerably in value in Germany over the past few months. All of our non-standard measures are only temporary.