Euro area M3 growth steady at 3.5% in September 2026, M1 growth slows

Euro area broad monetary aggregate M3 grew at an annual rate of 3.5% in September 2026, unchanged from August. The narrower aggregate M1, comprising currency and overnight deposits, slowed to 2.7% from 2.9%. Short-term deposits (M2-M1) growth accelerated to 4.6% from 4.1%, while marketable instruments (M3-M2) rose to 7.1% from 6.6%. M1 contributed 1.7 percentage points to M3 growth, down from 1.9 in August. Deposits by non-financial corporations grew 5.3%, while household deposits slowed to 2.3%. Investment fund deposits fell sharply to 0.2% from 1.7%.