Monetary developments in the euro area: May 2026

29 June 2026

Parts of the broad financial combination M3

The annual progress charge of the broad financial combination M3 elevated to three.2% in May 2026 from 2.7% in April, averaging 3.0% in the three months as much as May. The components of M3 confirmed the following developments. The annual progress charge of the narrower combination M1, which contains foreign money in circulation and in a single day deposits, elevated to 4.0% in May from 3.8% in April. The annual progress charge of short-term deposits apart from in a single day deposits (M2-M1) elevated to 1.4% in May from 0.9% in April. The annual progress charge of marketable devices (M3-M2) elevated to three.2% in May from 0.9% in April.

Data for monetary aggregates

the components’ contributions to the annual growth rate of M3, the narrower combination M1 contributed 2.6 share factors (up from 2.4 share factors in April), short-term deposits apart from in a single day deposits (M2-M1) contributed 0.4 share factors (up from 0.3 share factors) and marketable devices (M3-M2) contributed 0.2 share factors (up from 0.1 share factors).

Amongst the holding sectors of deposits in M3, the annual progress charge of deposits positioned by households stood at 2.9% in May, unchanged from the earlier month, whereas the annual progress charge of deposits positioned by non-financial companies elevated to 4.2% in May from 3.8% in April. Lastly, the annual progress charge of deposits positioned by funding funds apart from cash market funds was -0.4% in May, in contrast with -5.8% in April.

Counterparts of the broad financial combination M3

The annual progress charge of M3 in May 2026, as a mirrored image of modifications in the gadgets on the financial monetary establishment (MFI) consolidated stability sheet apart from M3 (counterparts of M3), might be damaged down as follows: claims on the non-public sector contributed 3.1 share factors (up from 2.8 share factors in April), internet exterior property contributed 1.9 share factors (down from 2.0 share factors), claims on basic authorities contributed 0.0 share factors (up from -0.2 share factors), longer-term liabilities contributed -1.4 share factors (down from -1.3 share factors), and the remaining counterparts of M3 contributed -0.4 share factors (up from -0.5 share factors).

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro space residents

The annual progress charge of whole claims on euro area residents elevated to 2.4% in May 2026 from 2.0% in the earlier month. The annual progress charge of claims on general government elevated to 0.1% in May from -0.4% in April, whereas the annual progress charge of claims on the private sector elevated to three.3% in May from 2.9% in April.

The annual progress charge of adjusted loans to the private sector (i.e. adjusted for mortgage transfers and notional money pooling) elevated to three.9% in May from 3.5% in April. Inside the non-financial non-public sector, the annual progress charge of adjusted loans to households stood at 3.1% in May, in contrast with 3.0% in April, whereas the annual progress charge of adjusted loans to non-financial corporations elevated to 4.0% in May from 3.4% in April.

Data for adjusted loans to the private sector

Notes:

• Knowledge in this press launch are adjusted for seasonal and end-of-month calendar results, until acknowledged in any other case.
• “Personal sector” refers to euro space non-MFIs excluding basic authorities.
• Hyperlinks result in knowledge that will change with subsequent releases on account of revisions. Figures proven in annex tables are a snapshot of the knowledge as at the time of the present launch.