Monetary developments in the euro area: September 2026

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 stood at 3.5% in September 2026, unchanged from the previous month, averaging 3.5% 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, decreased to 2.7% in September from 2.9% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.6% in September from 4.1% in August. The annual growth rate of marketable instruments (M3-M2) increased to 7.1% in September from 6.6% in August.