Monetary developments in the euro area: January 2026

• Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 5.3% in January from 4.7% in December 
• Annual growth rate of adjusted loans to households stood at 3.0% in January, unchanged from previous month 
• Annual growth rate of adjusted loans to non-financial corporations decreased to 2.8% in January from 3.0% in December 

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 increased to 3.3% in January 2026 from 2.8% in December, averaging 3.0% in the three months up to January. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 5.3% in January from 4.7% in December. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was  0.6% in January, compared with -0.4% in December. The annual growth rate of marketable instruments (M3-M2) increased to 1.6% in January from -0.6% in December.