Zone euro Masse monétaire 3M

The Euro Area’s M3 money supply rose 2.8% year-on-year to a record €17.09 trillion in October 2025, matching September’s pace and in line with market expectations. The narrower M1 aggregate, which includes currency in circulation and overnight deposits, saw its annual growth accelerate to 5.2% in October from 5.0% in September. Meanwhile, short-term deposits excluding overnight accounts (M2–M1) fell at a slower pace, with an annual rate of -1.8% compared with -2.1% in September. In contrast, the growth of marketable instruments (M3–M2) slowed to 1.9% in October, down from 4.3% the previous month. This mixed performance highlights continued expansion in the most liquid components of the money supply, while broader medium-term instruments showed a notable slowdown.