Independent Strategy

EurozoneEurozone November Money Supply & Credit

The ECB’s fingerprints remain all over the Eurozone money supply and credit numbers, with M3 hitting 11% yoy in November, the strongest reading we’ve seen thus far. This continues to be propelled by M1 which is up 14.2% yoy, overnight deposits up €1.053trn year-to-date.  We’ve also hit something of a milestone with overall M3 now back at pre-GFC/EZ debt crisis trend levels.

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