Monetary trends in the euro area: January 2026

Monetary Aggregates and Loan Growth in January 2026

In January 2026, the broad monetary aggregate M3 saw its annual growth rate rise to 3.3%, up from 2.8% in December. The narrower measure, M1—which includes cash in circulation and overnight deposits—also experienced an increase, with its annual growth rate reaching 5.3% compared to 4.7% the previous month.

Adjusted lending to households maintained an annual growth rate of 3.0% in January, remaining steady from December. In contrast, the annual growth rate of adjusted loans to non-financial corporations declined slightly, moving down to 2.8% from 3.0% in the previous month.