Monetary developments in the euro area: August 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 2.9% in August 2025 from 3.3% in July, averaging 3.2% in the three months up to August. 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, stood at 5.0% in August, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.4% in August, compared with -0.8% in July. The annual growth rate of marketable instruments (M3-M2) decreased to 2.6% in August from 6.1% in July.