Monetary developments in the euro area: November 2025

• Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 5.0% in November from 5.2% in October 
• Annual growth rate of adjusted loans to households stood at 2.9% in November, compared with 2.8% in October 
• Annual growth rate of adjusted loans to non-financial corporations increased to 3.1% in November from 2.9% in October 

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.0% in November 2025 from 2.8% in October, averaging 2.9% in the three months up to November. 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 5.0% in November from 5.2% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was  0.8% in November, compared with -1.8% in October. The annual growth rate of marketable instruments (M3-M2) increased to 1.6% in November from 1.4% in October.