The European Central Bank published its latest euro area monetary developments data showing annual growth in the broad monetary aggregate M3 increased to 3.2% in March 2026 from 3.0% in February, while lending to the private sector continued to firm. Adjusted loans to households were unchanged at 3.0%, and adjusted loans to non-financial corporations increased to 3.2% from 3.0% in February, which was revised from 2.9%. Within M3, annual M1 growth eased to 4.6% from 4.8%, short-term deposits other than overnight deposits fell to -0.1% from 0.2%, and marketable instruments rose to 4.5% from -1.3%. Deposits by households slowed to 2.9% from 3.2%, while deposits by non-financial corporations increased to 4.6% from 3.9%. On the counterparts side, claims on the private sector contributed 3.0 percentage points to M3 growth and net external assets 2.6 percentage points, while longer-term liabilities subtracted 1.4 percentage points. Total claims on euro area residents increased 2.4% year on year, and adjusted loans to the private sector rose 3.5% from 3.3% in February.
European Central Bank 2026-04-29
European Central Bank reports euro area M3 growth rose to 3.2% in March as corporate lending strengthened
The European Central Bank reported that annual growth in the broad monetary aggregate M3 rose to 3.2% in March 2026, with lending to the private sector firming. Adjusted loans to households were 3.0%, loans to non-financial corporations increased to 3.2%, and loans to the private sector overall rose 3.5%. Within M3, annual M1 growth eased to 4.6%, household deposit growth slowed to 2.9%, and deposits by non-financial corporations accelerated to 4.6%, with claims on the private sector and net external assets the main positive contributors.