Euro Area Monetary Developments

Data Macro

Source: European Central Bank
Source Link: https://www.ecb.europa.eu/
Frequency: Monthly
Next Release(s): April 29th, 2026 4:00 AM

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Euro Area Monetary Developments: February 2026 2026-03-26 04:00
Euro area M3 money supply growth rose to +3.3% YoY (vs +2.9% YoY expected) in January 2026, up from +2.8% YoY in December, indicating faster liquidity expansion.
- M1 growth accelerated to +5.3% YoY (Dec: +4.7%), increasing its contribution to M3 to 3.3 ppts (from 3.0 ppts).
- Short-term deposits excluding overnight deposits (M2-M1) declined -0.6% YoY (Dec: -0.4%), creating a larger negative drag of -0.2 ppts.
- Marketable instruments (M3-M2) increased +1.6% YoY (Dec: -0.6%), shifting to a small positive contribution of +0.1 ppts.
- Household deposits rose +3.2% YoY (Dec: +3.0%) and corporate deposits were +3.4% YoY (unchanged), while investment fund deposits jumped to +9.8% YoY (Dec: +3.7%).
- Adjusted loans to households held at +3.0% YoY (unchanged), whereas loans to non-financial corporations slowed to +2.8% YoY (Dec: +3.0%).
- Total claims on euro area residents increased to +2.4% YoY (Dec: +2.3%), with private sector claims at +3.0% YoY (Dec: +2.9%).
Source
Euro area broad money growth slowed to 2.8% YoY (vs 3.0% YoY expected) in December 2025 (from 3.0% in November), indicating softer liquidity expansion.
- M3 growth eased to 2.8% YoY from 3.0% YoY, averaging 2.9% over the three months to December, showing a modest deceleration in broad monetary growth.
- M1 growth slowed to 4.7% YoY (Nov: 5.0%), reducing its contribution to M3 growth to 3.0 ppts from 3.2 ppts, reflecting weaker momentum in currency and overnight deposits.
- Short-term deposits excluding overnight deposits (M2-M1) improved to -0.4% YoY from -0.8% YoY, contributing -0.1 ppts versus -0.3 ppts previously, indicating a smaller drag on money growth.
- Marketable instruments (M3-M2) shifted to -1.0% YoY from +1.5% YoY, moving their contribution to -0.1 ppts from +0.1 ppts, signaling a reversal in this component’s support.
- Household loan growth improved slightly to 3.0% YoY (Nov: 2.9% YoY), and corporate loan growth eased to 3.0% YoY (Nov: 3.1% YoY).
- Household deposit growth edged down to 3.0% YoY (Nov: 3.1%), while deposits by non-financial corporations eased to 3.4% YoY (Nov: 3.5%), showing slight softening across key sectors.
- Deposits placed by investment funds jumped to +4.3% YoY from +0.4% YoY, providing a notable offset to slower growth elsewhere in M3.
- Claims on euro area residents slowed to 2.3% YoY (Nov: 2.6%), with private sector claims easing to 3.0% YoY from 3.3% YoY, pointing to softer credit growth momentum.
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Euro area M3 growth rose to 3.0% YoY in November (from 2.8% in October), reflecting firmer broad money expansion driven by stronger credit contributions.
- The annual growth rate of M3 increased to 3.0% YoY from 2.8% YoY, averaging 2.9% over the three months to November, indicating a modest acceleration in broad liquidity.
- M1 growth slowed to 5.0% YoY (Oct: 5.2%), reducing its contribution to M3 growth to 3.2 ppts from 3.3 ppts, signaling softer momentum in currency and overnight deposits.
- Short-term deposits excluding overnight deposits (M2-M1) contracted -0.8% YoY, an improvement from -1.8% YoY in October, contributing -0.3 ppts versus -0.5 ppts previously.
- Marketable instruments (M3-M2) growth increased to 1.6% YoY (Oct: 1.4%), maintaining a small positive contribution of 0.1 ppts to M3 growth.
- Household deposit growth strengthened to 3.3% YoY (Oct: 3.0%), while deposits by non-financial corporations held steady at 3.4% YoY.
- Deposits placed by investment funds decelerated sharply to 0.5% YoY from 2.7% YoY, lowering their support for overall money growth.
- Claims on euro area residents rose to 2.6% YoY (Oct: 2.3%), led by faster growth in claims on the private sector at 3.4% YoY (Oct: 2.9%).
- Adjusted loans to the private sector increased to 3.4% YoY (Oct: 3.0%), with household loan growth at 2.9% YoY and non-financial corporation loan growth accelerating to 3.1% YoY.
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Euro area M3 growth held at 2.8% YoY in October 2025, unchanged from September, reflecting stable broad liquidity conditions alongside firmer M1 growth and a continued drag from short-term deposits.
- M1 increased to 5.2% YoY (Sep: 5.0%), contributing 3.3 ppts to M3 growth, indicating stronger momentum in currency and overnight deposits.
- Short-term deposits (M2–M1) contracted -1.8% YoY (Sep: -2.1%), subtracting -0.5 ppts, though the decline moderated compared with the prior month.
- Marketable instruments (M3–M2) slowed to 1.9% YoY (Sep: 4.3%), reducing their contribution to just 0.1 ppts.
- Household deposit growth eased to 3.0% YoY (Sep: 3.2%), while deposits by non-financial corporations accelerated to 3.5% YoY (Sep: 3.1%).
- Investment fund deposits saw a sharp deceleration to 2.1% YoY (Sep: 7.1%), lowering their contribution to overall money growth.
- Claims on euro area residents rose 2.3% YoY (Sep: 2.1%), with claims on government at 0.7% (Sep: 0.6%) and claims on the private sector at 2.9% (Sep: 2.7%).
- Adjusted loans to the private sector increased to 3.0% YoY (Sep: 2.8%), including household loan growth of 2.8% YoY (Sep: 2.6% YoY) and NFC loan growth of 2.9% YoY (Sep: 2.9% YoY).
Source
Euro area M3 money supply growth eased slightly to 2.8% YoY in September 2025 (Aug: 2.9%), reflecting weaker short-term deposits despite modest support from marketable instruments.
- M1 growth rose to 5.1% YoY (Aug: 5.0%), contributing 3.2 ppts to M3 growth, while short-term deposits (M2–M1) contracted -2.2% YoY (Aug: -1.3%), subtracting -0.7 ppts.
- Marketable instruments (M3–M2) growth accelerated to 4.0% YoY (Aug: 2.2%), adding 0.3 ppts to total M3.
- Household deposits rose 3.3% YoY (Aug: 3.4%), while deposits by non-financial corporations increased 3.3% YoY (Aug: 2.8%), and those by investment funds surged 6.7% YoY (Aug: 2.6%).
- Claims on euro area residents grew 2.1% YoY (Aug: 1.9%), driven by higher claims on government (+0.6% vs +0.1%).
- Adjusted loans to the private sector were stable at 2.8% YoY, with loans to households at 2.6% (Aug: 2.5%) and loans to non-financial corporations at 2.9% (Aug: 3.0%).
- Counterpart contributions showed net external assets steady at +1.7 ppts, while longer-term liabilities remained a drag at -1.0 ppts.
Source
Euro area M3 money supply growth slowed to 2.9% YoY in August 2025, down from 3.3% YoY in July, reflecting weaker short-term deposits and marketable instruments.
- M1 growth held steady at 5.0% YoY, contributing 3.2 ppts to M3 growth, while M2–M1 deposits contracted -1.4% YoY (Jul: -0.8%) and marketable instruments growth eased to 2.6% YoY (Jul: 6.1%).
- Household deposits rose 3.4% YoY, unchanged from July, while deposits by non-financial corporations increased 2.8% YoY (Jul: 2.7%).
- Deposits by investment funds slowed sharply to 2.6% YoY (Jul: 6.5%), limiting overall momentum in M3.
- Claims on euro area residents decelerated to 1.9% YoY (Jul: 2.1%), with government claims easing to 0.1% YoY (Jul: 0.6%), while private sector claims remained steady at 2.7% YoY.
- Adjusted loans to the private sector grew 2.8% YoY, unchanged from July; household loans edged up to 2.5% YoY (Jul: 2.4%) and loans to non-financial corporations accelerated to 3.0% YoY (Jul: 2.8%).
- On the counterpart side, net external assets contributed 1.6 ppts (Jul: 1.9 ppts), while claims on government dropped to 0.0 ppts (Jul: 0.2 ppts), showing weaker support from public sector flows.
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Euro area M3 money supply growth edged up to 3.4% YoY in July 2025 (from 3.3% YoY in June), supported by stronger M1 growth while marketable instruments slowed.
- M1 growth rose to 5.0% YoY (June: 4.7%), contributing 3.2 ppts to M3 growth, while M2–M1 deposits contracted -0.8% YoY and marketable instruments eased to +6.4% YoY (June: +10.4%).
- Household deposits increased +3.4% YoY (prev 3.3%), and deposits by non-financial corporations accelerated to +2.7% YoY (prev 1.6%).
- Deposits by investment funds fell sharply to +6.3% YoY (prev 13.1%), limiting overall momentum.
- Claims on euro area residents grew +2.1% YoY (prev 2.0%), with government claims accelerating to +0.6% YoY while private sector claims held at +2.7% YoY.
- The growth of adjusted loans to the private sector was 2.8% YoY in July, down from 3.0% YoY in June.
- Adjusted loans to households rose to +2.4% YoY (prev 2.2%), and loans to non-financial corporations edged up to +2.8% YoY (prev 2.7%).
Source
Euro area M3 money supply growth slowed to 3.3% YoY in June (from 3.9% in May), as decelerating M1 and weaker deposit growth across sectors offset gains in marketable instruments.
- M1 growth fell to 4.6% YoY (May: 5.1%), contributing 2.9 ppts to M3 growth; M2–M1 deposits declined -1.1% YoY and marketable instruments rose 10.4% YoY.
- Household deposit growth slowed to 3.3% YoY (from 3.5%), while deposits by non-financial corporations dropped to 1.5% YoY (from 2.7%).
- The growth of loans to the private sector was 3.0% YoY in June, up from 2.8% YoY in May.
- Adjusted loans to households rose 2.2% YoY (May: 2.0%), and loans to non-financial corporations increased 2.7% YoY (May: 2.5%).
- Claims on the private sector rose 2.7% YoY, while claims on general government slowed to 0.1% YoY.
- Net external assets contributed 2.4 ppts to M3 growth, while longer-term liabilities subtracted -1.1 ppts.
Source
Euro area M3 money supply grew 3.9% YoY (vs 4.0% YoY) in May, unchanged from April, with stronger M1 growth offsetting declines in short-term deposits.
- M1 rose 5.1% YoY (vs 4.7% in April), contributing 3.2 ppts to M3 growth; short-term deposits (M2-M1) declined -0.1% YoY, and marketable instruments (M3-M2) rose 11.2% YoY.
- Household deposit growth picked up slightly to 3.5% YoY, while deposits by non-financial corporations rose 2.7% YoY; investment fund deposits slowed to 15.4% YoY (from 21.2%).
- Adjusted loans to households rose 2.0% YoY (vs 2.0% YoY expected and 1.9% YoY previously), while loans to non-financial corporations slowed to 2.5% YoY (vs 2.6% YoY previously).
- Net external assets contributed 2.6 ppts to M3 growth; claims on the private sector added 2.4 ppts.
- Total claims on euro area residents increased 2.0% YoY, with claims on general government at 0.6% YoY and on the private sector at 2.5% YoY.
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Euro area M3 money supply increased 3.9% YoY in April, up from 3.7% in March and ahead of expectations of a 3.7% YoY increase, supported by stronger M1 and loan growth.
- M1 (currency + overnight deposits) rose 4.7% YoY in April, up from 3.9%.
- Total private sector loan growth edged up from 2.6% YoY in March to 2.7% YoY in April.
- Household loan growth increased to 1.9% YoY (vs 1.8% YoY expected) up from 1.7% YoY, while loans to non-financial corporations rose to 2.6% YoY up from 2.4% YoY.
- Deposits from non-financial corporations accelerated to 2.6% YoY (from 2.2%), and investment funds' deposits surged to 21.2% YoY.
- Short-term deposits (M2-M1) slowed to 0.6% YoY (from 1.5%), and marketable instruments (M3-M2) eased to 10.8% (from 11.9%).
- Net external assets remained a key contributor to M3 growth at 2.7 ppts, with claims on the private sector contributing 2.2 ppts.
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Euro area M3 money supply increased 3.6% YoY in March, down from 3.9% YoY in February and well below expectations of an increase of 4.0% YoY.
- The deceleration in M3 money supply growth came primarily from a weaker contribution of net external assets, 2.7 ppts in Mar vs 3.1 ppts in Feb.
- The M1 money supply increased 3.8% YoY, up from 3.4% YoY previously.
- Total private sector loan growth was 2.6% YoY, up from 2.4% YoY previously.
- Household loan growth was 1.7% YoY in March, up from 1.5% YoY in February and above expectations of a 1.6% YoY increase.
- Non-financial corporate loan growth was 2.3% YoY, up from 2.1% YoY previously.
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