Euro area M3 growth up to 3.2%, M1 slows to 4.6%

The annual growth rate of the broad monetary aggregate M3 in the euro area increased to 3.2 percent in March 2026, up from 3.0 percent in February.

Over the three months to March, M3 growth averaged 3.2 percent.

In contrast, the annual growth rate of the narrower monetary aggregate M1, which includes currency in circulation and overnight deposits, decreased from 4.8 percent in February to 4.6 percent in March.

Other short-term deposits (M2 - M1) saw their annual growth rate decline to -0.1 percent in March from 0.2 percent in February.

Marketable financial instruments (M3 - M2) showed a significant increase in their annual growth rate, rising from -1.3 percent to 4.5 percent during the same period.

Deposits from households saw their annual growth rate fall to 2.9 percent in March from 3.2 percent in February, while deposits from non-financial corporations increased to 4.6 percent from 3.9 percent.

The annual growth rate of adjusted loans to the private sector in the euro area increased to 3.5 percent in March, up from 3.3 percent in February.

Within this, adjusted loans to private households remained stable at 3.0 percent, while those to non-financial corporations rose from 3.0 percent in February to 3.2 percent in March.

Overall claims on euro area non-MFIs increased to 2.4 percent from 2.2 percent.

Regarding the M3 counterparts, claims on the private sector contributed 3.0 percentage points to M3's annual growth.

Net claims on non-euro area residents added 2.6 percentage points, and claims on general government contributed 0.2 percentage points.