-
Monetary developments in the euro area: July 2025
Annual growth rate of broad monetary aggregate M3 stood at 3.4% in July 2025, after 3.3% in June 2025 Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 5.0% in July from 4.7% in June (revised from 4.6%) Annual growth rate of adjusted loans to households increased to 2.4% in July from 2.2% in June Annual growth rate of adjusted loans to non-financial corporations stood at 2.8% in July, compared with 2.7% in June. The annual growth rate of the broad monetary aggregate M3 stood at 3.4% in July 2025, after 3.3% in June, averaging 3.5% in the ... (full story)
- Comments / Top
- Subscribe
-
Related Stories
Ms Schnabel started her presentation by noting that financial markets had reverted to a low-volatility, “risk-on” regime, leaving the turbulence of April 2025 behind despite further tariff-related headlines. Market volatility had receded after the short-lived spike due to tensions in the Middle East, with tariff announcements by the US Administration having recently lost traction as drivers of asset price dynamics and risk assets having rallied globally since the Governing Council’s last monetary policy meeting on 4-5 June. Meanwhile, the euro area economy appeared to be more resilient to rising tariffs and elevated trade uncertainty than anticipated. Despite a further appreciation of the euro, driven to a large extent by the reassessment of relative economic activity between the euro area and the United States, market-based inflation compensation had edged up further and the ECB forward interest rate curve had shifted higher. ECB ACCOUNTS: INTEREST RATES WERE IN BROADLY NEUTRAL TERRITORY ENVIRONMENT REMAINED EXCEPTIONALLY UNCERTAIN MOST MEMBERS VIEWED THE RISKS SURROUNDING THE INFLATION OUTLOOK AS BROADLY BALANCED MAINTAINING POLICY RATES AT THEIR CURRENT LEVELS WOULD ALLOW MORE TIME TO SEE…
Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the second quarter of 2025 (April, May, and June), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.5 percent. The increase in real GDP in the second quarter primarily reflected a decrease in imports, ...
In the second quarter of 2025, Switzerland's GDP adjusted for sporting events increased by 0.1%, following growth of 0.7% in the first quarter.1,2 After the above-average growth seen in the previous quarter, the anticipated correction has now occurred. Industrial value added and exports declined sharply, whereas the services sector delivered broadbased ...
