Eurozone M3 Money Supply Rises 3.4%, Missing Forecast

Eurozone broad money supply, measured by the European Central Bank’s M3 aggregate, rose 3.4% in July from a year earlier, according to data published on 28 August. The reading was slightly below the consensus forecast of 3.5% but higher than June’s 3.3% pace, extending a gradual acceleration that began in early 2025. M3—comprising currency in circulation, deposits and certain money-market instruments—is watched for signals on future inflation and credit conditions. The steady yet modest pickup keeps growth well below the double-digit rates seen during the pandemic, suggesting liquidity in the bloc remains contained even as the ECB weighs the timing of potential rate cuts after last year’s rapid tightening.