Money and the financing of the economy - 2026-07
Published on 28th of August 2026
The growth of the French component of euro area M3 is slowing but remains positive at 1.2%
- In July 2026, the year-on-year growth rate of the French component of the euro area's monetary aggregate M3 fell to 1.2% (after 1.8% in June; see Table 1).
- The decline in outstanding balances of term deposits with agreed maturity of up to 2 years (-0.7% year-on-year in July, after -1.0% in June and -6.9% in May; see Table 1) and in money market fund shares (-3.7%, after -6.0%) eased. This effect was offset by a moderation in the growth of overnight deposits (1.5%, after 1.8% in June) and savings accounts (0.5%, after 0.8%).
- The annual growth in lending by monetary financial institutions to the resident private sector remained almost stable in July at 2.1% (after 2.0% in June; see Table 2), still supported by lending to non-financial corporations, although its growth rate decreased slightly (3.5%, after 3.9% in June).
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€) |
||
| Jul- 2026 (p) | Jun- 2026 (r) | Jul- 2026 (p) | Jun- 2026 (r) | Jul- 2026 (p) | |
| Overnight deposits | 1,310 | 1.8 | 1.5 | 0.8 | -6.5 |
| = Domestic resources included in M1 | 1,310 | 1.8 | 1.5 | 0.8 | -6.5 |
| Deposits with agreed maturity of up to 2 years | 330 | -1.0 | -0.7 | 4.6 | 9.7 |
| + Saving accounts | 969 | 0.8 | 0.5 | -2.3 | -1.8 |
| = Domestic resources included in M2-M1 | 1,299 | 0.4 | 0.2 | 2.3 | 7.9 |
| MMF shares | 321 | -6.0 | -3.7 | -10.0 | 9.7 |
| + Repurchase agreements | 68 | 6.7 | 6.1 | 6.2 | -0.8 |
| + Debt securities issued with a maturity of up to 2 years | 57 | 22.3 | 19.2 | 5.6 | 0.4 |
| = Domestic resources included in M3-M2 | 446 | -1.1 | 0.3 | 1.8 | 9.3 |
| Sum of domestic resources included in M3 France | 3,054 | 0.8 | 0.8 | 4.9 | 10.8 |
| + Monetary external liabilities vis-à-vis other monetary union members | 426 | 12.1 | 6.0 | 25.0 | -26.7 |
| - Monetary external assets vis-à-vis other monetary union members | 103 | 12.8 | 8.0 | 2.2 | -3.6 |
| = French component of euro area monetary aggregate M3 | 3,377 | 1.8 | 1.2 | 27.8 | -12.3 |
(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€) |
|||
| Jul- 2026 (p) | Jun- 2026 (r) | Jul- 2026 (p) | Jun- 2026 (r) | Jul- 2026 (p) | |
| ASSETS | 6,117 | 1.8 | 1.9 | 8.0 | 26.3 |
| Domestic General government financing (1) | 1,102 | -5.3 | -5.7 | -3.1 | 5.6 |
| which loans | 223 | 3.7 | 4.3 | -0.7 | 1.5 |
| which securities | 879 | -7.3 | -7.9 | -2.4 | 4.0 |
| Domestic private sector financing (2) | 3,946 | 2.0 | 2.1 | 10.1 | 14.7 |
| Of which loans to households (a) | 1,752 | 0.9 | 0.9 | 1.8 | 1.9 |
| Of which loans to NFCs (a) | 1,444 | 3.9 | 3.5 | 5.5 | 4.0 |
| of which securities (b) | 491 | 1.4 | 0.3 | 2.3 | 0.7 |
| Net external assets (3) | 588 | 18.2 | 20.8 | 19.5 | 31.6 |
| Remaining counterparts (c) (4) | 481 | 1.7 | -0.3 | -18.4 | -25.5 |
| LIABILITIES | 6,117 | 1.8 | 1.9 | 8.0 | 26.3 |
| Long-term resources (d) (5) | 3,063 | 2.9 | 3.0 | 3.1 | 15.5 |
| Domestic resources included in M3 (1)+(2)+(3)+(4)-(5) | 3,054 | 0.8 | 0.8 | 4.9 | 10.8 |
(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 28th of August 2026