Euro area M3 money supply growth slows to 3.0 percent in February

The annual growth rate of the broad monetary aggregate M3 in the euro area fell to 3.0 percent in February 2026, after 3.2 percent in January.

Over the three months to February, M3 growth averaged 3.0 percent.

The narrow monetary aggregate M1, comprising currency in circulation and overnight deposits, saw its annual growth rate decline from 5.2 percent in January to 4.8 percent in February.

Other short-term deposits (M2 - M1) increased their annual growth rate to 0.2 percent in the reporting month, up from -0.6 percent in January.

Conversely, the annual growth rate of marketable instruments (M3 - M2) decreased from 1.3 percent to -1.3 percent over the same period.

Contributions to M3 growth saw M1 at 3.1 percentage points (down from 3.3), other short-term deposits at 0.1 percentage points (up from -0.2), and marketable instruments at -0.1 percentage points (down from 0.1).

The annual growth rate of total claims on euro area non-MFIs decreased to 2.2 percent in February 2026, from 2.5 percent in the previous month.

Claims on general government fell from 0.9 percent to 0.1 percent.

The annual growth rate of claims on the private sector stood at 3.0 percent in the reporting month, compared with 3.1 percent in January.

The annual growth rate of adjusted loans to the private sector, which accounts for loan sales and securitisation, was 3.3 percent in February, down from 3.4 percent in January.

Within the non-financial private sector, the annual growth rate of adjusted loans to households was unchanged at 3.0 percent in February, while that of adjusted loans to non-financial corporations stood at 2.9 percent, up from 2.8 percent in January.

Deposits from households remained stable at 3.2 percent, while deposits from non-financial corporations rose to 3.9 percent from 3.6 percent.