Euro area money supply growth accelerates in November

The broad monetary aggregate M3 in the euro area recorded an annual growth rate of 3.0 percent in November 2025, an increase from 2.8 percent in October.

The three-month average growth rate for M3 stood at 2.9 percent.

Within M3, the narrower aggregate M1, comprising currency in circulation and overnight deposits, saw its annual growth rate decline to 5.0 percent in November from 5.2 percent in October.

Conversely, other short-term deposits (M2-M1) showed an improved annual growth rate of -0.8 percent, up from -1.8 percent.

Marketable financial instruments (M3-M2) also contributed positively, with their annual growth rate rising to 1.6 percent from 1.4 percent.

The contribution of M1 to the annual M3 growth rate was 3.2 percentage points, slightly down from 3.3 percentage points in the previous month.

Adjusted loans to euro area private households recorded an annual growth rate of 2.9 percent in November, a slight increase from 2.8 percent in October.

Loans to non-financial corporations also saw their growth rate rise to 3.1 percent, up from 2.9 percent.

This contributed to an overall increase in the annual growth rate of total claims on non-monetary financial institutions (MFIs) in the euro area, which reached 2.6 percent from 2.3 percent.

Claims on the private sector expanded to 3.4 percent from 2.9 percent, while claims on general government edged up to 0.7 percent from 0.6 percent.

Deposits from private households increased to 3.3 percent from 3.0 percent.