Eurozone M3 money supply rose 3.3% year-on-year to €17,344.7 billion in January 2026, up from 2.8% in December and surpassing market expectations of 2.9%. The narrower M1 aggregate, which includes currency in circulation and overnight deposits, rose 5.3% annually, up from 4.7% in December. In contrast, short-term deposits excluding overnight deposits (M2-M1) declined 0.6% year-on-year in January, slightly steeper than December’s -0.4%. Meanwhile, marketable instruments (M3-M2) rebounded, growing 1.6% annually after a 0.6% contraction in December.