Monetary developments in the euro area: August 2026 - European Central Bank

The annual growth rate of the broad monetary aggregate M3 stood at 3.5% in August 2026, after 3.4% in July, averaging 3.4% in the three months up to August. 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 2.9% in August from 3.1% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.1% in August from 3.7% in July. The annual growth rate of marketable instruments (M3-M2) increased to 7.1% in August from 4.2% in July. Looking at the components' contributions to the annual growth rate of M3 , the narrower aggregate M1 contributed 1.8 percentage points (down from 2.