The European Central Bank reported that annual growth in the euro area’s broad monetary aggregate M3 increased to 3.5% in August 2026 from 3.4% in July. Growth in the narrower M1 aggregate slowed to 2.9% from 3.1%, while growth in short-term deposits other than overnight deposits rose to 4.1% and growth in marketable instruments accelerated to 7.1%. Annual growth in adjusted loans to the private sector increased to 4.3% from 4.1%. Household loan growth was unchanged at 3.1%, while growth in loans to non-financial corporations eased to 4.2% from 4.4%. Household deposit growth slowed to 2.4%, and non-financial corporation deposit growth declined to 4.7%.
2026-09-25European Central Bank
European Central Bank reports euro area M3 growth rose to 3.5% in August as corporate lending growth slowed
The European Central Bank reported that euro area M3 growth edged up to 3.5% in August 2026, despite slower growth in the narrower M1 aggregate. Adjusted household loan growth held at 3.1%, while non-financial corporation loan growth eased to 4.2%.