On 2 January 2026, the European Central Bank reported the following key trends in monetary aggregates and lending for November 2025:
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The broad monetary aggregate M3 grew by 3.0% year-on-year, up from 2.8% in October.
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The narrower aggregate M1 (currency in circulation and overnight deposits) rose by 5.0%, slightly down from 5.2% in October.
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Short-term deposits other than overnight deposits (M2-M1) improved to -0.8% from -1.8%.
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Marketable instruments (M3-M2) increased to 1.6% from 1.4%.
Sectoral contributions to M3 growth:
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M1 contributed 3.2 percentage points (slightly down from 3.3).
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M2-M1 contributed -0.3 points (up from -0.5).
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M3-M2 contributed 0.1 points (unchanged).
Deposits by sector:
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Household deposits grew by 3.3% (up from 3.0%).
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Non-financial corporations’ deposits were stable at 3.4%.
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Deposits by investment funds other than money market funds fell to 0.5% from 2.7%.
Counterparts of M3 (factors driving M3 growth):
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Claims on the private sector: +3.2 points (up from 2.7).
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Net external assets: +1.9 points (up from 1.7).
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Claims on general government: +0.3 points (up from 0.2).
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Longer-term liabilities: -1.2 points (down from -1.0).
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Other counterparts: -1.1 points (down from -0.9).
Loans to euro area residents:
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Total claims increased 2.6% y-o-y (up from 2.3%).
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Claims on general government rose to 0.7% (from 0.6%).
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Claims on the private sector grew to 3.4% (from 2.9%).
Adjusted loans to the private sector:
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Overall growth: 3.4% (up from 3.0%).
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Households: 2.9% (up from 2.8%).
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Non-financial corporations: 3.1% (up from 2.9%).
