How to read it
Real M3 growth equals M3 growth minus HICP inflation. A positive value means broad money grows faster than consumer prices.
Benchmark · monthly · %
Euro-area real money growth
Is euro-area broad money growing faster than prices?
Euro-area real money growth tracks M3 YoY and HICP YoY. It uses monthly data.
Euro-area real money growth tracks M3 YoY and HICP YoY. It uses monthly data.
- M3 YoY
- 4.0%
- HICP YoY
- 2.8%
- Real M3 growth
- +1.2 pp
- Three-month change
- +0.1 pp
- from +1.1 pp
- Historical percentile
- 28th
- of 339 readings · since 1997-01-31
Euro-area real money growth
M3 YoY
HICP YoY
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| M3 YoY | 3.82 | 4.02 | -2.11 | 12.80 |
| HICP YoY | 2.10 | 2.80 | -0.70 | 10.60 |
How this is calculated
M3 YoY and HICP YoYPIER20 calculates this benchmark from official observations from the European Central Bank (ECB). The formula is M3 YoY and HICP YoY. The source table lists each selector and source link.
The latest data is from June 2026. The M3 YoY reading is 4.02%. The HICP YoY reading is 2.80%. The Real M3 growth reading is 1.22 pp. The M3 YoY line is up 0.6 pp over the past year. It is below its long-run median of 5.01%.
How to read it
How this benchmark is used
Why traders watch it
Traders use this benchmark to test whether euro liquidity growth exceeds inflation.
Frequently asked questions
4 answersWhat is the latest reading for Euro-area real money growth?
The latest data is from June 2026. The M3 YoY reading is 4.02%. The HICP YoY reading is 2.80%. The Real M3 growth reading is 1.22 pp. The M3 YoY line is up 0.6 pp over the past year. It is below its long-run median of 5.01%.
How often does this benchmark update?
The source publishes monthly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.
What data sources does this chart use?
The European Central Bank Data Portal publishes the data. The methodology section lists each source series.
Where does the data come from?
The European Central Bank (ECB) publishes the source data. The source table lists each series and its exact link.