Independent Strategy

EurozoneEurozone August Money Supply & Credit

Eurozone saw a renewed uptick in money supply growth in August, but it was driven by a further increase in M1 rather than broader money.  Credit growth seems to be on a firmer footing, with strength being driven by France and Germany while in Italy and Spain we’re still seeing deleveraging, notably on the corporate side.  And deposits still growing faster, suggesting some caution.  Quite positive from the ECB’s perspective, particularly with the latest easing package yet to factor.

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