Monetary developments in the euro area: December 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 2.8% in December 2025 from 3.0% in November, averaging 2.9% in the three months up to December. 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, decreased to 4.7% in December from 5.0% in November. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -0.4% in December, compared with -0.8% in November. The annual growth rate of marketable instruments (M3-M2) decreased to -1.0% in December from 1.5% in November.