Monetary developments in the euro area: May 2026

Annual growth rate of broad monetary aggregate M3 increased to 3.2% in May 2026 from 2.7% in April
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 4.0% in May from 3.8% in April
Annual growth rate of adjusted loans to households stood at 3.1% in May, compared with 3.0% in April
Annual growth rate of adjusted loans to non-financial corporations increased to 4.0% in May from 3.4% in April

Published on 29th of June 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in May 2026 from 2.7% in April, averaging 3.0% 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 4.0% in May from 3.8% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 1.4% in May from 0.9% in April. The annual growth rate of marketable instruments (M3-M2) increased to 3.2% in May from 0.9% in April.

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Updated on the 29th of June 2026