Monetary developments in the euro area: April 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.9% in April 2025 from 3.7% in March, averaging 3.8% in the three months up to April. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 4.7% in April from 3.9% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 0.6% in April from 1.5% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 10.8% in April from 11.9% in March.