Euro area M3 growth slows to 2.7 percent in April

The annual growth rate of the broad monetary aggregate M3 in the euro area decreased to 2.7 percent in April 2026, from 3.2 percent in March.

Its three-month average stood at 3.0 percent.

The narrower aggregate M1, encompassing currency and overnight deposits, saw its annual growth rate fall from 4.7 percent to 3.8 percent.

Other short-term deposits (M2 - M1) rose to 0.8 percent from -0.1 percent, while marketable instruments (M3 - M2) dropped from 4.2 percent to 1.1 percent.

M1 contributed 2.4 percentage points to M3's annual growth.

Deposits from non-financial corporations declined to 3.8 percent, and investment fund deposits (excluding money market funds) decreased sharply from 3.1 percent to -5.7 percent, while household deposits remained stable at 2.9 percent.

The annual growth rate of total claims on euro area non-MFIs decreased to 2.0 percent in April, from 2.4 percent.

Claims on general government fell to -0.4 percent, while claims on the private sector declined to 3.0 percent.

Adjusted loans to the private sector maintained a stable annual growth rate of 3.5 percent.

Within this, adjusted loans to households also remained unchanged at 3.0 percent.

However, adjusted loans to non-financial corporations increased to 3.4 percent in April, up from 3.2 percent in March.

Among M3 counterparts, claims on the private sector contributed 2.9 percentage points, and net claims on non-euro area residents 1.9 percentage points.