European Central Bank data released on 2 January 2026 show that the euro area’s broad monetary aggregate M3 rose 3.0 % in November 2025, up from 2.8 % in October. The narrower M1 grew 5.0 % versus 5.2 % previously, while short‑term deposits other than overnight deposits (M2‑M1) fell 0.8 % compared with a 1.8 % decline in October. Marketable instruments (M3‑M2) increased 1.6 % from 1.4 %. Household deposits grew 3.3 % and non‑financial corporation deposits 3.4 %. Adjusted loans to the private sector increased 3.4 % to 3.4 % in November, with household loans at 2.9 % and corporate loans at 3.1 %. Claims on the private sector and net external assets also contributed to the M3 growth.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
https://www.ecb.europa.eu/press/stats/md/html/ecb.md2511~568d05fa00.en.html
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