While, at that point, the swing towards net monetary outflows to the rest of the world (measured by the decline in the banking sector’s net external asset position) tempered the growth rate of broad money, these dynamics went into reverse when the  exogenous impulse to money creation from APP net purchases began to fade.
In particular, the increase in the net external asset position of the banking sector has supported domestic broad money growth in recent months. Chart 15 The role of cross-border flows in monetary dynamics (M3 in annual growth rates; counterpart items in percentage point contributions)  Source: ECB.