Monetary developments in the euro area: October 2025
Annual growth rate of broad monetary aggregate M3 stood at 2.8% in October 2025, unchanged from previous month
Published on 27th of November 2025
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 5.2% in October from 5.0% in September (revised from 5.1%)
The annual growth rate of the broad monetary aggregate M3 stood at 2.8% in October 2025, unchanged from the previous month, averaging 2.9% in the three months up to October. 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 5.2% in October from 5.0% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.8% in October, compared with -2.1% in September. The annual growth rate of marketable instruments (M3-M2) decreased to 1.9% in October from 4.3% in September.
