This could be related to the increase in short-term interest rates in the euro area over the course of this year, which has had a dampening effect on the demand for the most liquid components of M3, namely those included in M1 (currency in circulation and overnight deposits, both of which bear little or no remuneration).
However, in spite of the deceleration observed recently, M3 growth has remained above the reference value. This, in part, reflects the relatively strong increase in nominal GDP in the euro area.