diff --git a/spring-modulith-observability/pom.xml b/spring-modulith-observability/pom.xml
index 90d3d9b1..b78cf6ba 100644
--- a/spring-modulith-observability/pom.xml
+++ b/spring-modulith-observability/pom.xml
@@ -77,6 +77,12 @@
 			<optional>true</optional>
 		</dependency>
 
+		<dependency>
+			<groupId>io.micrometer</groupId>
+			<artifactId>micrometer-core</artifactId>
+			<optional>true</optional>
+		</dependency>
+
 		<dependency>
 			<groupId>io.zipkin.brave</groupId>
 			<artifactId>brave</artifactId>
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/DefaultModulithObservationConvention.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/DefaultModulithObservationConvention.java
index e92e7df0..d42bb4b5 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/DefaultModulithObservationConvention.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/DefaultModulithObservationConvention.java
@@ -11,7 +11,7 @@ import org.springframework.modulith.observability.ModulithObservations.LowKeys;
  * Default implementation of {@link ModulithObservationConvention}.
  *
  * @author Marcin Grzejszczak
- * @since 1.3
+ * @since 1.4
  */
 public class DefaultModulithObservationConvention implements ModulithObservationConvention {
 
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEntryInterceptor.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEntryInterceptor.java
index d93086c6..f5462a8e 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEntryInterceptor.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEntryInterceptor.java
@@ -70,9 +70,10 @@ class ModuleEntryInterceptor implements MethodInterceptor {
 			ModulithObservationConvention custom, Environment environment) {
 
 		Assert.notNull(module, "ObservedModule must not be null!");
-		Assert.notNull(observationRegistry, "Tracer must not be null!");
+		Assert.notNull(observationRegistry, "ObservationRegistry must not be null!");
 
-		this.module = module; this.observationRegistry = observationRegistry;
+		this.module = module;
+		this.observationRegistry = observationRegistry;
 		this.customModulithObservationConvention = custom;
 		this.environment = environment;
 	}
@@ -115,7 +116,6 @@ class ModuleEntryInterceptor implements MethodInterceptor {
 
 		LOGGER.trace("Entering {} via {}.", module.getDisplayName(), invokedMethod);
 
-		// TODO: Good name for metrics
 		ModulithContext modulithContext = new ModulithContext(module, invocation, environment);
 		var observation = Observation.createNotStarted(customModulithObservationConvention, DEFAULT,
 				() -> modulithContext, observationRegistry);
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEventListener.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEventListener.java
index a51ab7e0..bb3117ac 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEventListener.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleEventListener.java
@@ -15,9 +15,10 @@
  */
 package org.springframework.modulith.observability;
 
+import io.micrometer.core.instrument.Counter;
+import io.micrometer.core.instrument.MeterRegistry;
 import io.micrometer.observation.Observation.Event;
 import io.micrometer.observation.ObservationRegistry;
-import io.micrometer.tracing.Tracer;
 
 import java.util.function.Supplier;
 
@@ -35,20 +36,24 @@ public class ModuleEventListener implements ApplicationListener<ApplicationEvent
 
 	private final ApplicationModulesRuntime runtime;
 	private final Supplier<ObservationRegistry> observationRegistry;
+	private final Supplier<MeterRegistry> meterRegistry;
 
 	/**
-	 * Creates a new {@link ModuleEventListener} for the given {@link ApplicationModulesRuntime} and {@link Tracer}.
+	 * Creates a new {@link ModuleEventListener} for the given {@link ApplicationModulesRuntime} and {@link ObservationRegistry} and {@link MeterRegistry}.
 	 *
 	 * @param runtime must not be {@literal null}.
 	 * @param observationRegistrySupplier must not be {@literal null}.
 	 */
-	public ModuleEventListener(ApplicationModulesRuntime runtime, Supplier<ObservationRegistry> observationRegistrySupplier) {
+	public ModuleEventListener(ApplicationModulesRuntime runtime, Supplier<ObservationRegistry> observationRegistrySupplier,
+			Supplier<MeterRegistry> meterRegistrySupplier) {
 
 		Assert.notNull(runtime, "ApplicationModulesRuntime must not be null!");
-		Assert.notNull(observationRegistrySupplier, "Tracer must not be null!");
+		Assert.notNull(observationRegistrySupplier, "ObservationRegistry must not be null!");
+		Assert.notNull(meterRegistrySupplier, "MeterRegistry must not be null!");
 
 		this.runtime = runtime;
 		this.observationRegistry = observationRegistrySupplier;
+		this.meterRegistry = meterRegistrySupplier;
 	}
 
 	/*
@@ -77,6 +82,14 @@ public class ModuleEventListener implements ApplicationListener<ApplicationEvent
 			return;
 		}
 
+		MeterRegistry registry = meterRegistry.get();
+		if (registry != null) {
+			Counter.builder(ModulithMetrics.EVENTS.getName()) //
+					.tags(ModulithMetrics.LowKeys.EVENT_TYPE.name(), event.getClass().getSimpleName()) //
+					.tags(ModulithMetrics.LowKeys.MODULE_NAME.name(), moduleByType.getDisplayName()) //
+					.register(registry).increment();
+		}
+
 		var observation = observationRegistry.get().getCurrentObservation();
 
 		if (observation == null) {
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleObservabilityBeanPostProcessor.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleObservabilityBeanPostProcessor.java
index 88f50677..8511579d 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleObservabilityBeanPostProcessor.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModuleObservabilityBeanPostProcessor.java
@@ -16,7 +16,6 @@
 package org.springframework.modulith.observability;
 
 import io.micrometer.observation.ObservationRegistry;
-import io.micrometer.tracing.Tracer;
 
 import java.lang.reflect.Method;
 import java.util.Arrays;
@@ -56,7 +55,7 @@ public class ModuleObservabilityBeanPostProcessor extends ModuleObservabilitySup
 
 	/**
 	 * Creates a new {@link ModuleObservabilityBeanPostProcessor} for the given {@link ApplicationModulesRuntime} and
-	 * {@link Tracer}.
+	 * {@link ObservationRegistry}.
 	 *
 	 * @param runtime must not be {@literal null}.
 	 * @param observationRegistry must not be {@literal null}.
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulePassingObservationFilter.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulePassingObservationFilter.java
index 18122f48..4e20bd47 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulePassingObservationFilter.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulePassingObservationFilter.java
@@ -23,7 +23,7 @@ import io.micrometer.observation.ObservationFilter;
  * to child.
  * 
  * @author Marcin Grzejszczak
- * @since 1.3
+ * @since 1.4
  */
 public class ModulePassingObservationFilter implements ObservationFilter {
 
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithContext.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithContext.java
index ddd33246..b6a5b189 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithContext.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithContext.java
@@ -9,7 +9,7 @@ import org.springframework.core.env.Environment;
  * A {@link Observation.Context} for Modulithic applications.
  *
  * @author Marcin Grzejsczak
- * @since 1.3
+ * @since 1.4
  */
 public class ModulithContext extends Observation.Context {
 
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithMetrics.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithMetrics.java
new file mode 100644
index 00000000..377d5531
--- /dev/null
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithMetrics.java
@@ -0,0 +1,50 @@
+package org.springframework.modulith.observability;
+
+import io.micrometer.common.docs.KeyName;
+import io.micrometer.core.instrument.Meter;
+import io.micrometer.core.instrument.docs.MeterDocumentation;
+
+enum ModulithMetrics implements MeterDocumentation {
+
+	/**
+	 * Counter for the events.
+	 */
+	EVENTS {
+		@Override
+		public String getName() {
+			return "modulith.events.processed";
+		}
+
+		@Override
+		public Meter.Type getType() {
+			return Meter.Type.COUNTER;
+		}
+
+		@Override
+		public KeyName[] getKeyNames() {
+			return LowKeys.values();
+		}
+	};
+
+	enum LowKeys implements KeyName {
+		/**
+		 * Type of the emitted event.
+		 */
+		EVENT_TYPE {
+			@Override
+			public String asString() {
+				return "event.type";
+			}
+		},
+
+		/**
+		 * Name of the module.
+		 */
+		MODULE_NAME {
+			@Override
+			public String asString() {
+				return "module.name";
+			}
+		}
+	}
+}
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithObservationConvention.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithObservationConvention.java
index 04185c77..b6df45b4 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithObservationConvention.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ModulithObservationConvention.java
@@ -7,7 +7,7 @@ import io.micrometer.observation.ObservationConvention;
  * {@link ObservationConvention} for {@link ModulithContext}.
  *
  * @author Marcin Grzejszczak
- * @since 1.3
+ * @since 1.4
  */
 public interface ModulithObservationConvention extends ObservationConvention<ModulithContext> {
 
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModule.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModule.java
index 096929ac..44a99baf 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModule.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModule.java
@@ -30,7 +30,7 @@ import org.springframework.modulith.core.ArchitecturallyEvidentType;
  * Information about observed module.
  *
  * @author Oliver Drotbohm
- * @since 1.3
+ * @since 1.4
  */
 public interface ObservedModule {
 
@@ -90,7 +90,7 @@ public interface ObservedModule {
 	 * method invocation on a Spring bean.
 	 *
 	 * @param invocation must not be {@literal null}.
-	 * @since 1.3
+	 * @since 1.4
 	 */
 	boolean isEventListenerInvocation(MethodInvocation invocation);
 }
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModuleType.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModuleType.java
index 06658cc8..6cee98a2 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModuleType.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/ObservedModuleType.java
@@ -35,7 +35,7 @@ import org.springframework.util.ReflectionUtils;
  * Represents a type in an {@link ObservedModule}.
  *
  * @author Oliver Drotbohm
- * @since 1.3
+ * @since 1.4
  */
 public class ObservedModuleType {
 
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/SpringDataRestModuleObservabilityBeanPostProcessor.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/SpringDataRestModuleObservabilityBeanPostProcessor.java
index da7623dd..c7c8cdf4 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/SpringDataRestModuleObservabilityBeanPostProcessor.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/SpringDataRestModuleObservabilityBeanPostProcessor.java
@@ -16,7 +16,6 @@
 package org.springframework.modulith.observability;
 
 import io.micrometer.observation.ObservationRegistry;
-import io.micrometer.tracing.Tracer;
 
 import java.util.function.Supplier;
 
@@ -47,7 +46,7 @@ public class SpringDataRestModuleObservabilityBeanPostProcessor extends ModuleOb
 
 	/**
 	 * Creates a new {@link SpringDataRestModuleObservabilityBeanPostProcessor} for the given {@link ApplicationModulesRuntime}
-	 * and {@link Tracer}.
+	 * and {@link ObservationRegistry}.
 	 *
 	 * @param runtime must not be {@literal null}.
 	 * @param observationRegistry must not be {@literal null}.
diff --git a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/autoconfigure/ModuleObservabilityAutoConfiguration.java b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/autoconfigure/ModuleObservabilityAutoConfiguration.java
index f15f00e5..2254e43e 100644
--- a/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/autoconfigure/ModuleObservabilityAutoConfiguration.java
+++ b/spring-modulith-observability/src/main/java/org/springframework/modulith/observability/autoconfigure/ModuleObservabilityAutoConfiguration.java
@@ -18,9 +18,9 @@ package org.springframework.modulith.observability.autoconfigure;
 import brave.handler.MutableSpan;
 import brave.handler.SpanHandler;
 import brave.propagation.TraceContext;
+import io.micrometer.core.instrument.MeterRegistry;
 import io.micrometer.observation.ObservationFilter;
 import io.micrometer.observation.ObservationRegistry;
-import io.micrometer.tracing.Tracer;
 
 import org.springframework.beans.factory.ObjectProvider;
 import org.springframework.beans.factory.config.ConfigurableListableBeanFactory;
@@ -54,8 +54,8 @@ class ModuleObservabilityAutoConfiguration {
 
 	@Bean
 	static ModuleEventListener tracingModuleEventListener(ApplicationModulesRuntime runtime,
-			ObjectProvider<ObservationRegistry> observationRegistry) {
-		return new ModuleEventListener(runtime, observationRegistry::getObject);
+			ObjectProvider<ObservationRegistry> observationRegistry, ObjectProvider<MeterRegistry> meterRegistry) {
+		return new ModuleEventListener(runtime, observationRegistry::getObject, meterRegistry::getObject);
 	}
 
 	// TODO: Have a custom thread pool for modulith