ECB: broad money growth holds at 3.5% in September
The ECB says M3, its broad money measure, grew 3.5% on the year in September 2026, unchanged from August. M1 growth slowed to 2.7% from 2.9%.
The European Central Bank's press release of 27 October 2026 puts annual growth of M3, its broad monetary aggregate, at 3.5% in September, unchanged from August. The three-month average was also 3.5% (ECB, Monetary developments in the euro area: September 2026).
Key figures, September 2026
- M3, annual growth: 3.5% (August: 3.5%)
- M1, annual growth: 2.7% (August: 2.9%)
- Adjusted loans to households: 3.1% (unchanged)
- Adjusted loans to non-financial corporations: 4.2% (unchanged)
- Deposits of non-financial corporations: 5.3% (August: 4.7%)
- Deposits of households: 2.3% (August: 2.4%)
- Deposits of investment funds other than money market funds: 0.2% (August: 1.7%)
M1 is currency in circulation and overnight deposits. M3 adds short-term deposits other than overnight deposits, and marketable instruments. In September, the first of those components rose to 4.6% from 4.1%, and the second to 7.1% from 6.6%. For the ECB's latest policy decision, see ECB keeps its deposit rate at 2.50% as energy prices rise.
Sources
Common questions
What was euro area M3 growth in September 2026?
3.5% on the year, unchanged from August, according to the ECB's release of 27 October 2026.
What is M3?
The ECB's broadest money aggregate. It is made up of M1, short-term deposits other than overnight deposits and marketable instruments.
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