BRUSSELS, 25th September, 2026 (WAM) -- The annual growth rate of the broad monetary aggregate M3 in the euro area stood at 3.5% in August 2026, after 3.4% in July, averaging 3.4% in the three months up to August, according to data released by the European Central Bank (ECB).
The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 2.9% in August from 3.1% in July.
The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.1% in August from 3.7% in July. The annual growth rate of marketable instruments (M3-M2) increased to 7.1% in August from 4.2% in July.
The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 4.3% in August from 4.1% in July. Within the non-financial private sector, the annual growth rate of adjusted loans to households stood at 3.1% in August, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financial corporations decreased to 4.2% in August from 4.4% in July.