---
source: European Central Bank
url: https://www.ecb.europa.eu/press/stats/md/html/ecb.md2602~b3ebd27726.en.html
document_type: html
date_retrieved: 2026-03-26
period: February 2026
parent_publication: Monetary developments in the euro area
indicators_covered: [Loans to Households YoY, Loans to Companies YoY, M3 Money Supply YoY]
---

# Monetary developments in the euro area: February 2026

**PRESS RELEASE**
**26 March 2026**

*   Annual growth rate of broad monetary aggregate M3 decreased to 3.0% in February 2026 from 3.2% in January (revised from 3.3%)
*   Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 4.8% in February from 5.2% in January (revised from 5.3%)
*   Annual growth rate of adjusted loans to households stood at 3.0% in February, unchanged from previous month
*   Annual growth rate of adjusted loans to non-financial corporations stood at 2.9% in February, compared with 2.8% in January

## Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 3.0% in February 2026 from 3.2% in January, averaging 3.0% in the three months up to February. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 4.8% in February from 5.2% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 0.2% in February from -0.6% in January. The annual growth rate of marketable instruments (M3-M2) decreased to -1.3% in February from 1.3% in January.

### Table: Monetary aggregates (contributions)

| Component | Contribution to M3 growth (Feb 2026) | Previous (Jan 2026) |
|-----------|--------------------------------------|----------------------|
| M1 | 3.1 pp | 3.3 pp |
| M2-M1 (short-term deposits) | 0.1 pp | -0.2 pp |
| M3-M2 (marketable instruments) | -0.1 pp | 0.1 pp |

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 3.2% in February, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 3.9% in February from 3.6% in January. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 6.2% in February from 8.8% in January.

## Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in February 2026, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows:
*   Claims on the private sector: 2.8 percentage points (down from 2.9 in January)
*   Net external assets: 2.1 percentage points (down from 2.2)
*   Claims on general government: 0.0 percentage points (down from 0.4)
*   Longer-term liabilities: -1.2 percentage points (down from -1.0)
*   Remaining counterparts: -0.8 percentage points (up from -1.2)

## Claims on euro area residents

The annual growth rate of total claims on euro area residents decreased to 2.2% in February 2026 from 2.5% in the previous month. The annual growth rate of claims on general government decreased to 0.1% in February from 0.9% in January, while the annual growth rate of claims on the private sector stood at 3.0% in February, compared with 3.1% in January.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 3.3% in February, compared with 3.4% in January. Within the non-financial private sector, the annual growth rate of adjusted loans to households stood at 3.0% in February, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financial corporations stood at 2.9% in February, compared with 2.8% in January.