Monetary developments in the euro area: May 2025

  • Annual growth rate of broad monetary aggregate M3 stood at 3.9% in May 2025, unchanged from previous month
  • Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 5.1% in May from 4.7% in April
  • Annual growth rate of adjusted loans to households stood at 2.0% in May, compared with 1.9% in April
  • Annual growth rate of adjusted loans to non-financial corporations stood at 2.5% in May, compared with 2.6% in April

Published on the 30th of June 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 stood at 3.9% in May 2025, unchanged from the previous month, averaging 3.8% in the three months up to May. 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 5.1% in May from 4.7% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to -0.1% in May from 0.6% in April. The annual growth rate of marketable instruments (M3-M2) increased to 11.2% in May from 10.7% in April.

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Updated on the 1st of July 2025

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