ECB Reports Stable M3 Growth, Decreased Loans to Non-Financial Corporations in August

The European Central Bank (ECB) has released its monetary developments report for August 2026, showing that the annual growth rate of broad monetary aggregate M3 stood at 3.5%.

This is up from July's 3.4%, and averages 3.4% over the past three months.

The narrower aggregate M1, which includes currency in circulation and overnight deposits, saw its annual growth rate decrease to 2.9% in August from 3.1% in July.

Adjusted loans to households remained unchanged at 3.1%, while adjusted loans to non-financial corporations decreased to 4.2% in August from 4.4% in July.