Money and the financing of the economy - 2026-05
Published on 30th of June 2026
Year-over-year, growth in financing to the private sector remains stable at 2.5%
- In May 2026, the year-over-year growth rate of the French component of the euro area's M3 monetary aggregate declined to 0.8% (from 1.6% in April; see Table 1).
- This slowdown in the growth of monetary resources held by monetary financial institutions is mainly due to the slower growth of money market fund shares (1.4%, down from 6.7% in April 2026), overnight deposits (1.8%, down from 2.3%), and debt securities with maturities of less than 2 years (12.1%, down from 27.1%).
- Year-over-year growth in financing to the domestic private sector remained stable in May at 2.5% (see Table 2), supported by the rise in loans to non-financial corporations (3.9%, up from 3.4% in April) while growth in securities purchases by monetary financial institutions declined (2.4% after 3.2% in April).
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€) |
||
| May- 2026 (p) | Apr- 2026 (r) | May- 2026 (p) | Apr- 2026 (r) | May- 2026 (p) | |
| Overnight deposits | 1,297 | 2.3 | 1.8 | -3.9 | 3.3 |
| = Domestic resources included in M1 | 1,297 | 2.3 | 1.8 | -3.9 | 3.3 |
| Deposits with agreed maturity of up to 2 years | 306 | -8.7 | -6.9 | 1.4 | -8.1 |
| + Saving accounts | 971 | 1.6 | 1.2 | -1.2 | -0.6 |
| = Domestic resources included in M2-M1 | 1,277 | -1.1 | -0.9 | 0.2 | -8.7 |
| MMF shares | 328 | 6.7 | 1.4 | 11.2 | -9.1 |
| + Repurchase agreements | 65 | -9.2 | -5.4 | -13.9 | 5.3 |
| + Debt securities issued with a maturity of up to 2 years | 52 | 27.1 | 12.1 | 6.5 | -3.3 |
| = Domestic resources included in M3-M2 | 445 | 6.5 | 1.5 | 3.8 | -7.2 |
| Sum of domestic resources included in M3 | 3,019 | 1.4 | 0.6 | 0.0 | -12.6 |
| + Monetary external liabilities vis-à-vis other monetary union members | 413 | 5.2 | 5.0 | 8.2 | -5.1 |
| - Monetary external assets vis-à-vis other monetary union members | 103 | 8.7 | 13.9 | 0.3 | 1.5 |
| = French component of euro area monetary aggregate M3 | 3,329 | 1.6 | 0.8 | 8.0 | -19.3 |
(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€) |
|||
| May- 2026 (p) | Apr- 2026 (r) | May- 2026 (p) | Apr- 2026 (r) | May- 2026 (p) | |
| ASSETS | 6,091 | 1.8 | 1.3 | 4.8 | -8.7 |
| Domestic General government financing (1) | 1,102 | -4.7 | -5.0 | -15.9 | -6.6 |
| which loans | 222 | 3.9 | 4.4 | -0.2 | 1.0 |
| which securities | 880 | -6.6 | -7.2 | -15.6 | -7.6 |
| Domestic private sector financing (2) | 3,916 | 2.5 | 2.5 | 12.2 | 5.1 |
| Of which loans to households (a) | 1,742 | 0.8 | 0.9 | 2.4 | 1.7 |
| Of which loans to NFCs (a) | 1,430 | 3.4 | 3.9 | 8.8 | 6.8 |
| of which securities (b) | 489 | 3.2 | 2.4 | -8.5 | -3.6 |
| Net external assets (3) | 545 | 24.1 | 17.3 | -1.5 | -15.6 |
| Remaining counterparts (c) (4) | 529 | -7.5 | -6.7 | 10.1 | 8.4 |
| LIABILITIES | 6,091 | 1.8 | 1.3 | 4.8 | -8.7 |
| Long-term resources (d) (5) | 3,072 | 2.2 | 2.0 | 4.8 | 4.0 |
| Domestic resources included in M3 (1)+(2)+(3)+(4)-(5) | 3,019 | 1.4 | 0.6 | 0.0 | -12.6 |
(a) Loans including securitized receivables removed from the balance sheet
(b) 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
(c) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(d) Deposits over 2 years, debt securities issued over 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
(2): In addition to loans to households, loans to non-financial corporations and securities issued by private sectors and held by MFIs, lending to domestic private sectors includes loans to non-MFI financial sectors, the fluctuations of which can be quite volatile.
(b) 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
(c) Balance of interbank receivables and liabilities, net of other balance sheet items (derivatives, accounting discrepancies, fixed assets)
(d) Deposits over 2 years, debt securities issued over 2 years, capital and reserves, central government deposits.
(p) Provisional
(r) Revised
(2): In addition to loans to households, loans to non-financial corporations and securities issued by private sectors and held by MFIs, lending to domestic private sectors includes loans to non-MFI financial sectors, the fluctuations of which can be quite volatile.
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 30th of June 2026