M3 eurozone

Spain inflation

M3 growth in the Eurozone is still higher than the level compatible with 2% inflation

J.L. M.Campuzano (Spanish Banking Association) | The European Central Bank (ECB) published on Thursday the statistics for monetary aggregates in January. In January specifically, the growth rate accelerated to 5.2% per year. This increase in the M3 money supply continues to exceed the theoretical level compatible with medium and long-term inflation of 2%. The main contribution was from credit to the private sector, with an increase of 3.4% over last year.


The evolution of credit in the Eurozone, the main counterpart of the M3, grows 2% in May

J.L.M. Campuzano (AEB) | The European Central Bank released the data of the M3 and its counterparts in the euro area until May. The intermediate liquidity objective maintains its annual evolution stable by 4.8%, supported by a strong increase of 7.2% in cash and demand deposits. The rest of its components, such as deposits and market instruments, maintain marginal growth.