Eurozone July M3 money supply +5.5% vs +5.6% y/y expected

  • Prior +5.7%

Broad money growth in the euro area continues to ease from an annual rate as monetary aggregate has decreased since the massive injection of liquidity during the pandemic. That is no surprise as the ECB is now tightening policy instead but the window for that is closing relatively fast as recession risks loom large in Europe.

Michael Cooper

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