Monetary developments in the euro area: September 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 stood at 2.8% in September 2025, after
2.9% in August, averaging 3.0% in the three months up to September. 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, stood at 5.1% in September, compared with 5.0% in
August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was
-2.2% in September, compared with -1.3% in August. The annual growth rate of marketable
instruments (M3-M2) increased to 4.0% in September from 2.2% in August.