Monetary developments in the euro area: February 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 3.0% in February 2026 from 3.2% in January, averaging 3.0% in the three months up to February. 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 4.8% in February from 5.2% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 0.2% in February from -0.6% in January. The annual growth rate of marketable instruments (M3-M2) decreased to -1.3% in February from 1.3% in January.