FX.co ★ Euro Area M3 Growth Slows

The M3 money supply of the Euro Area experienced a 2.8% annual increase, reaching a historic €17.23 trillion in December 2025. This growth follows a 3% rise in November and aligns with market projections of 2.8%. The more specific M1 aggregate, which includes currency in circulation and overnight deposits, grew by 4.7%, slightly lower than the 5% increase recorded in the preceding month. In contrast, short-term deposits excluding overnight deposits (M2-M1) saw a 0.4% decline in December, improving from a 0.8% decrease in November. Furthermore, marketable instruments (M3-M2) decreased by 1%, following a 1.5% rise the month before.