The annual growth rate of broad monetary aggregate M3 in the euro area rose to 3.3% in June 2026 from 3.0% in May, averaging 3.0% over the three months ending June. Narrower aggregate M1 growth slowed to 3.4% from 3.7%, while short-term deposits (M2-M1) increased to 2.8% and marketable instruments (M3-M2) rose to 4.5%. Adjusted loans to households remained at 3.0%, and loans to non-financial corporations stayed at 4.0%. Contributions to M3 growth included M1 (2.2 percentage points), M2-M1 (0.8 points), and M3-M2 (0.3 points). Household deposits declined to 2.6%, while non-financial corporation deposits rose to 5.3%. Claims on the private sector grew 3.3%, with net external assets contributing 2.2 percentage points. Data adjustments account for seasonal and calendar effects, with ‘private sector’ defined as euro area non-MFIs excluding general government.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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