The European Central Bank reported that annual growth in the euro area’s broad monetary aggregate M3 rose to 3.4% in July 2026 from 3.3% in June. Growth in the narrower M1 aggregate slowed to 3.1% from a revised 3.5%, while growth in short-term deposits other than overnight deposits increased to 3.8% from 2.8%. Annual growth in adjusted loans to the private sector accelerated to 4.1% from 3.8%. Adjusted lending growth to non-financial corporations increased to 4.4% from 4.0%, while growth in adjusted loans to households edged up to 3.1% from 3.0%.
2026-08-27European Central Bank
European Central Bank reports euro area M3 growth edged up to 3.4% in July as corporate lending accelerated
The European Central Bank reported that annual euro area M3 growth rose to 3.4% in July 2026 from 3.3% in June. Adjusted lending growth accelerated to 4.4% for non-financial corporations and edged up to 3.1% for households.