ECB M3 Growth Accelerates Amid Shifting Credit Dynamics In The Eurozone

by THEFUTURE.TEAM

April 29, 2026

Strengthening Corporate Credit And Shifting Asset Composition

European Central Bank reported that annual growth in the euro area’s broad monetary aggregate, M3, increased to 3.2% in March from 3.0% in February. The change reflects developments in corporate credit and adjustments in the composition of liquid assets across the euro area.

Evolving Dynamics In Narrow Money And Marketable Instruments

Growth in the M1 aggregate, which includes currency in circulation and overnight deposits, slowed slightly to 4.6% from 4.8% in February. At the same time, marketable instruments recorded a change in direction, rising to 4.5% in March from -1.3% in the previous month. In parallel, short-term deposits declined by 0.1%, indicating shifts in how liquidity is held.

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Robust Lending Activity And Corporate Balance Sheet Developments

Lending to non-financial corporations increased to 3.2% in March from 3.0% in February, pointing to continued demand for financing. Household lending remained stable, with growth holding at 3.0% for a second consecutive month. Alongside these trends, total claims on residents rose by 2.4%, supported in part by lending to general government.

Contributions To Overall Monetary Growth

Deposits from non-financial corporations increased to 4.6%, contributing to overall liquidity conditions. By contrast, deposit growth among investment funds outside the money market slowed to 3.3% from 6.2% in February. Data also show that claims on the private sector contributed three percentage points to M3 growth, while net external assets added 2.6 percentage points. At the same time, longer-term liabilities and residual factors reduced overall growth by 2.5 percentage points.

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Cyprus And Greece Outline Joint Tourism Plans For Summer 2026

by THEFUTURE.TEAM

May 1, 2026

Strategic Partnership Enhances Tourism Prospects

The Cyprus Tourism Authority (EOT Cyprus) presented proposals for summer 2026 focused on strengthening tourism cooperation between Cyprus and Greece, with joint efforts aimed at attracting visitors from long-haul markets.

Greece: The Top Destination For Cypriot Travelers

At an event on April 28, Athena Spakouri, Director of EOT Cyprus, said Greece is expected to remain the main travel destination for Cypriot residents, with plans extending beyond established locations to include lesser-known regions. This approach reflects a broader effort to diversify travel options while maintaining strong demand between the two countries.

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Complementary Destinations, Unified Vision

Building on this, Spakouri noted that Cyprus and Greece offer complementary tourism experiences rather than competing directly. Joint programmes are therefore being positioned to attract visitors from markets such as the United States and China, while tourism activity continues to be assessed in the context of broader geopolitical developments.

Robust Air And Sea Connectivity

Supporting this cooperation, Konstantinos Kollias said around 600,000 Cypriots travelled to Greece in 2025. Frequent flights, short travel times, and ferry connections between Limassol and Piraeus continue to facilitate movement between the two countries and sustain travel flows.

Diverse Tourism Offerings for a New Era

Konstantinos Kollias highlighted that Greece’s tourism portfolio spans from traditional seaside holidays to sectors such as cultural, religious, gastronomic, agritourism, ecotourism, spa, conference, and medical tourism.

This range reflects the expansion of tourism offerings across different segments and travel preferences. In parallel, Joseph Iosif referred to Greece as a “second homeland” for Cypriot travellers, pointing to longstanding cultural and travel links between the two countries.

Innovative Programs And Strengthened Connections

Building on this approach, the EOT strategy includes initiatives focused on gastronomic routes, cultural trails, thematic and religious tourism, as well as curated city breaks in destinations such as Athens and Thessaloniki. These programmes were presented at the event alongside references to historical, cultural, and religious connections between Cyprus and Greece, including remarks from Bishop Gregorios of Mesaoria.

Boosting Air Connectivity And Island Accessibility

At the same time, airlines including Aegean Airlines, Sky Express, and Cyprus Airways outlined plans to expand connections between Cyprus and Greece, with a focus on increasing access to island destinations. The event also brought together stakeholders from the Deputy Ministry of Tourism, Hermes Airports, tour operators, and ACTAA, reflecting coordination across different parts of the tourism sector.

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