According to the European Central Bank’s monetary statistics, the annual growth rate of the broad monetary aggregate M3 slowed marginally to 2.8% in September 2025, down from 2.9% in August.
The narrower measure, M1 — which includes cash and overnight deposits — rose by 5.1%, up slightly from 5.0% in August. Meanwhile, short-term deposits other than overnight deposits (M2–M1) fell by 2.2%, while marketable instruments (M3–M2) accelerated sharply to 4.0% from 2.2%.
On the credit side, adjusted loans to households grew by 2.6%, and adjusted loans to non-financial corporations increased by 2.9%, both showing little change from August.
Deposits from households grew by 3.3%, and those from non-financial corporations also rose by 3.3%, while investment funds’ deposits expanded strongly, up 6.7%.
Among the counterparts of M3, claims on the private sector remained the main driver of money growth, contributing 2.6 percentage points, followed by net external assets with 1.7 percentage points. Claims on general government added 0.2 points, while longer-term liabilities and other factors had negative contributions.
Overall, the data indicate a steady pace of money and credit growth, suggesting continued moderate liquidity expansion in the euro area as of September 2025.
