BancaMarch : In the Eurozone, money supply continues to slow down. In February, M3 growth (the broadest monetary aggregate) moderated more than expected to +2.9% year-on-year, down from +3.5% previously and below the +3% expected.
It should be noted that this is the slowest pace of money supply growth since 2014. If we analyse the evolution of loans, the slowdown deepened in loans to households (+3.2% vs. +3.6% previously), with the greatest dynamism continuing to be in loans for house purchase by advancing +3.7%, while consumer loans grew +2.9% and on their side other loans to households recorded a contraction of -0.4%.
Loans to non-financial companies also moderated (+5.7% vs. +6.1% previously). Overall, these data suggest that monetary policy measures are already slowing down lending.