The article looks at how stable money demand is in the euro area, despite recent changes in M3 data. The study found that there is a consistent long-term demand for money, but the growth rate is lower than what the European Central Bank suggests. Even though the market is not always in balance, it can take a while to adjust. The difference between the expected growth rate and the actual rate can be explained by a sudden drop in stock prices. This suggests that how monetary policy changes are communicated may need to be adjusted.