The Euro Area’s M3 money supply rose by 2.8% year-on-year to a new record high of €17.23 trillion in December 2025, following a 3% increase in November and below market estimates for 2.8% growth. The narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased 4.7%, below 5% in the previous month. Meanwhile, short-term deposits other than overnight deposits (M2-M1) fell 0.4% in December, compared with a 0.8% fall in November. Marketable instruments (M3-M2) were down 1%, after a 1.5% rise in November.