Monetary trends in the euro area: December 2025

Monetary Aggregates and Loan Growth in December 2025

The annual expansion rate of the broad money supply (M3) slowed to 2.8% in December 2025, down from 3.0% in November. The narrower measure, M1—which includes cash in circulation and overnight deposits—also saw its yearly growth ease to 4.7% in December, compared to 5.0% the previous month.

Adjusted lending to households grew by 3.0% year-on-year in December, slightly higher than the 2.9% increase recorded in November. Meanwhile, the annual growth of adjusted loans to non-financial businesses was 3.0% in December, marginally lower than November’s 3.1%.