you are currently viewing:ECB-Monetary developments in the euro area: April 2025May 30, 2025--Annual growth rate of broad monetary aggregate M3 increased to 3.9% in April 2025 from 3.7% in March (revised from 3.6%)
Annual growth rate of adjusted loans to non-financial corporations increased to 2.6% in April from 2.4% in March (revised from 2.3%) Components of the broad monetary aggregate M3 The annual growth rate of the broad monetary aggregate M3 increased to 3.9% in April 2025 from 3.7% in March, averaging 3.8% in the three months up to April. 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 4.7% in April from 3.9% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 0.6% in April from 1.5% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 10.8% in April from 11.9% in March. Source: ECB |
July 3, 2025-Abstract
Russia's war of aggression against Ukraine and rising trade tensions continue to slow down the European economy. Despite strong policy responses to external shocks, the near-term outlook is clouded by elevated uncertainty. Disinflation is progressing, but monetary policy should remain vigilant. Fiscal policy needs to make space for new spending needs, such as defence, but to ensure medium-term sustainability, fiscal prudence must continue.
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