Eurozone June M3 money supply +5.7% vs +5.4% y/y expected

  • Prior +5.6%; revised to +5.8%

Broad money in the euro area continues to hold at a steady pace even as the ECB pulls back on bond buying. There is little to extrapolate from the data at this point in time but from the chart, we can quite clearly see the acceleration when the pandemic first struck:

EU M3

Ethan Andrews

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