Monetary developments in the euro area: March 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in March 2026 from 3.0% in February, averaging 3.2% in the three months up to March. 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 4.6% in March from 4.8% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to  0.1% in March from 0.2% in February. The annual growth rate of marketable instruments (M3-M2) increased to 4.5% in March from -1.3% in February.