Money and the financing of the economy - 2026-03
Published on 30th of April 2026
The annual growth rate of M3 edged up slightly
- Taking into account gross monetary liabilities and assets vis-à-vis the rest of the euro area, the year-on-year growth of the French component of the euro area M3 monetary aggregate increased to 1.1%(after 0.5% in February).
- Looking at the components, the annual growth rate of overnight deposits declined slightly in March (2.5% after 2.8% in February). The contraction in term deposits with agreed maturity of up to two years intensified (-9.4% after -8.7%), while the growth of savings accounts remained broadly stable (1.8% after 1.9%).
- On the counterpart side, annual growth in lending to the resident private sector edged up very slightly, to 2.0% in March after 1.9% in February (see Table 2), driven by loans to nonfinancial corporations (2.8% after 2.5% in February) as well as by debt securities held by monetary financial institutions (3.5% after 3.1%). Meanwhile, growth in loans to resident households remained stable at 0.8%.
Table 1 - France : monetary resources of monetary financial institutions ![]()
| Decomposition of French component of euro-area M3 | Outstandings
(€ Bn) |
Annual growth
rate (in %) |
Flows sa
(Bn€) |
||
| Mar- 2026 (p) | Feb- 2026 (r) | Mar- 2026 (p) | Feb- 2026 (r) | Mar- 2026 (p) | |
| Overnight deposits | 1,281 | 2.8 | 2.5 | -0.9 | 6.1 |
| = Domestic resources included in M1 | 1,281 | 2.8 | 2.5 | -0.9 | 6.1 |
| Deposits with agreed maturity of up to 2 years | 320 | -8.7 | -9.4 | -4.9 | -2.4 |
| + Saving accounts | 973 | 1.9 | 1.8 | -2.2 | -0.6 |
| = Domestic resources included in M2-M1 | 1,293 | -0.9 | -1.2 | -7.1 | -3.0 |
| MMF shares | 320 | 1.3 | 2.7 | 2.4 | -6.4 |
| + Repurchase agreements | 73 | -23.6 | 2.7 | -23.4 | 16.2 |
| + Debt securities issued with a maturity of up to 2 years | 50 | 30.7 | 16.1 | 0.8 | -6.0 |
| = Domestic resources included in M3-M2 | 443 | -0.2 | 4.1 | -20.2 | 3.7 |
| Sum of domestic resources included in M3 | 3,017 | 0.7 | 1.1 | -28.3 | 6.9 |
| + Monetary external liabilities vis-à-vis other monetary union members | 407 | -0.1 | 2.2 | -0.6 | -0.9 |
| - Monetary external assets vis-à-vis other monetary union members | 101 | 5.7 | 7.3 | -2.9 | -0.2 |
| = French component of euro area monetary aggregate M3 | 3,323 | 0.5 | 1.1 | -26.0 | 6.1 |
(p) Provisional
(r) Revised
(r) Revised
Source and production: Banque de France - Direction générale de la statistique, des études et de l'international
Table 2 - Counterparts of domestic resources included in M3 ![]()
| Outstandings (€ Bn) |
Annual growth
rate (in %) |
Flows sa
(Bn€) |
|||
| Mar- 2026 (p) | Feb- 2026 (r) | Mar- 2026 (p) | Feb- 2026 (r) | Mar- 2026 (p) | |
| ASSETS | 6,106 | 0.7 | 2.0 | -22.6 | 44.6 |
| Domestic General government financing (1) | 1,129 | -5.1 | -3.0 | -28.0 | 6.8 |
| which loans | 222 | 4.2 | 5.0 | 2.1 | 1.6 |
| which securities | 908 | -7.2 | -4.7 | -30.2 | 5.2 |
| Domestic private sector financing (2) | 3,893 | 1.9 | 2.0 | -2.5 | 7.7 |
| Of which loans to households (a) | 1,740 | 0.8 | 0.8 | 2.0 | 1.3 |
| Of which loans to NFCs (a) | 1,413 | 2.5 | 2.8 | 3.2 | 8.4 |
| of which securities (b) | 494 | 3.1 | 3.5 | 1.1 | -2.9 |
| Net external assets (3) | 530 | 8.2 | 27.1 | -30.1 | 63.4 |
| Remaining counterparts (c) (4) | 553 | -1.3 | -7.7 | 38.1 | -33.3 |
| LIABILITIES | 6,106 | 0.7 | 2.0 | -22.6 | 44.6 |
| Long-term resources (d) (5) | 3,089 | 0.7 | 2.9 | 5.7 | 37.7 |
| Domestic resources included in M3 (1)+(2)+(3)+(4)-(5) | 3,017 | 0.7 | 1.1 | -28.3 | 6.9 |
(a) In addition to loans to households, loans to non-financial corporations, and private-sector securities held by MFIs, domestic private sector financing includes loans to the non-MFI financial sector, which can be quite volatile.
(b) Loans including securitized receivables removed from the balance sheet
(c) Outstanding amounts and flows of securities other than securities issued in consideration of securitized claims on households and non-financial corporations and balance sheet removals
(d) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(e) Deposits up to 2 years, debt securities issued up to 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
(b) Loans including securitized receivables removed from the balance sheet
(c) Outstanding amounts and flows of securities other than securities issued in consideration of securitized claims on households and non-financial corporations and balance sheet removals
(d) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(e) Deposits up to 2 years, debt securities issued up to 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
Annual growth rate of the French contribution to resources included in the Eurozone M3 and contributor![]()
Contribution of monetary counterparts to the annual growth of the domestic resources included in M3![]()
Source and production: Banque de France - Direction générale de la statistique, des études et de l'international
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Updated on the 29th of April 2026