Euro area M3 money growth holds at 3.5% in September
The European Central Bank said broad money growth was unchanged while M1 slowed to 2.7% and loan growth to households and firms held steady.
AI illustrationBroad money in the euro area grew at an annual rate of 3.5% in September 2026, the same pace as in August, the European Central Bank said on 27 October. The M3 aggregate also averaged 3.5% growth over the three months to September.
The narrowest measure slowed. Annual growth in M1, which covers currency in circulation and overnight deposits, eased to 2.7% from 2.9% in August. Its contribution to M3 growth fell to 1.7 percentage points from 1.9 percentage points.
Other parts of the money stock picked up. Short-term deposits other than overnight deposits grew 4.6%, up from 4.1%, and contributed 1.3 percentage points. Marketable instruments rose 7.1%, compared with 6.6% a month earlier, and added 0.5 percentage points.
By holder, deposits of non-financial corporations grew faster, at 5.3% against 4.7% in August. Household deposit growth edged down to 2.3% from 2.4%. Deposits of investment funds other than money market funds grew just 0.2%, sharply lower than 1.7% the month before.
Lending was steady. Adjusted loans to households grew 3.1% and adjusted loans to non-financial corporations 4.2%, both unchanged from August. Adjusted loans to the private sector as a whole, which account for loan transfers and notional cash pooling, rose 4.3%, also unchanged.
Among the counterparts of M3, claims on the private sector contributed 3.4 percentage points, as in the previous month, while net external assets contributed 2.4 percentage points, down from 2.5. Claims on general government subtracted 0.2 percentage points and longer-term liabilities 1.8 percentage points.
Total claims on euro area residents grew 2.4%, unchanged. Claims on general government fell 0.4% on the year, after a 0.6% decline in August, and claims on the private sector rose 3.6%.
The central bank said the figures are adjusted for seasonal and end-of-month calendar effects unless stated otherwise.