Report published September 25, 2026

Sustained Loan Growth in the Eurozone: Resilient Credit Demand and ECB Policy Implications

ING · September 25, 2026

Eurozone broad money growth ticked up to 3.5% YoY in August 2026, supported by resilient borrowing across households and non-financial corporations. With tighter financing conditions showing only a modest dampening effect on loan growth, the data reinforces the likelihood of another ECB rate hike in December.

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Key Takeaways

1.Eurozone broad money growth (M3) rose slightly to 3.5% YoY in August 2026 from 3.4% in July, though it remains below its 5.2% post-1999 average due to Eurosystem balance sheet reductions.
2.Private-sector lending remained resilient, with household loan growth steady at 3.1% YoY and corporate loans expanding 4.2% YoY despite broader uncertainty.
3.Limited impact on loan demand from tighter financing conditions suggests the economic expansion is not decelerating sharply, maintaining pressure on the ECB for a December rate hike.

Steady as she goes
The third pillar

Report data

Eurozone money supply growth edged higher in August, supported by resilient private-sector lending

Metric	Estimate	Context
Eurozone M3 Broad Money Supply Growth	3.5 % YoY	Eurozone broad money supply growth edged higher but remains below historical averages.
Eurozone M3 Historical Average Growth	5.2%	Average M3 growth recorded since the monetary union began in 1999.
Claims on the Private Sector Growth	3.6 % YoY	Annual growth rate of credit/claims on the private sector.
Loans to Households Growth	3.1 % YoY	Annual growth rate of bank loans to households.
Loans to Non-Financial Corporations Growth	4.2 % YoY	Annual growth rate of lending to non-financial companies, still above June's 4%.