---
source: European Central Bank
url: https://www.ecb.europa.eu/press/stats/md/html/ecb.md2603~e44be25b36.en.html
document_type: html
date_retrieved: 2026-04-29
period: March 2026
parent_publication: Monetary developments in the euro area
indicators_covered: [M3 Money Supply YoY, Loans to Households YoY, Loans to Non-Financial Corporations YoY]
---

# Monetary developments in the euro area: March 2026

**Publication date:** 29 April 2026

## Key indicators

- **M3 Money Supply YoY:** 3.2% (up from 3.0% in February)
- **Adjusted loans to households YoY:** 3.0% (unchanged from February)
- **Adjusted loans to non-financial corporations YoY:** 3.2% (up from 3.0% in February)

## M3 monetary aggregate

The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in March 2026 from 3.0% in February, averaging 3.2% in the three months up to March.

### Components of M3

- **M1** (currency in circulation and overnight deposits): decreased to 4.6% in March from 4.8% in February
- **M2-M1** (short-term deposits other than overnight deposits): decreased to -0.1% in March from 0.2% in February
- **M3-M2** (marketable instruments): increased to 4.5% in March from -1.3% in February

### Contributions to M3 growth

- M1 contributed 3.0 percentage points (unchanged)
- M2-M1 contributed 0.0 percentage points (down from 0.1 pp)
- M3-M2 contributed 0.3 percentage points (up from -0.1 pp)

### Holdings sectors

- Households deposit growth: 2.9% in March (down from 3.2% in February)
- Non-financial corporations deposit growth: 4.6% in March (up from 3.9% in February)
- Investment funds deposit growth: 3.3% in March (down from 6.2% in February)

## Counterparts of M3

The annual growth rate of claims on euro area residents increased to 2.4% in March from 2.2% in February:

- **Claims on general government:** 0.4% (up from 0.1%)
- **Claims on private sector:** 3.2% (up from 3.0%)
- **Adjusted loans to private sector:** 3.5% (up from 3.3%)
  - Adjusted loans to households: 3.0% (unchanged)
  - Adjusted loans to non-financial corporations: 3.2% (up from 3.0%)

The private sector contribution to M3 growth was 3.0 percentage points (up from 2.8 pp). Net external assets contributed 2.6 pp (up from 2.1 pp). Longer-term liabilities contributed -1.4 pp (down from -1.2 pp).

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*Source: ECB press release "Monetary developments in the euro area: March 2026", published 29 April 2026. Full annex table available as PDF.*