Broad money growth picked up slightly in August, while loan growth maintained a steady pace, suggesting that tighter financing conditions have so far had only a limited impact Eurozone broad money supply (M3) grew by 3.5% year-on-year in August, up from 3.4% in July 2026. Even so, growth remains below the 5.2% historical average recorded since the monetary union began in 1999. The ongoing reduction in the Eurosystem’s balance sheet is, of course, continuing to weigh on M3 growth. Turning to the drivers of money growth, claims on the private sector rose by 3.6% year-on-year, compared with 3.4% in July. The annual growth rate of loans to households stood at 3.1% in August, unchanged from July.
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