Eurozone money supply slows sharply in April
The rate of growth in the most-widely followed measure of money supply, known by the acronym M3, fell from a year-on-year pace of 5.0% in March to 4.6% in April, according to the European Central Bank.
Economists had anticipated a reading of 5.0%, unchanged from the previous month´s reading.
A sharp drop in the rate of growth of deposits placed by non-financial corporations, from 4.1% to 0.8%, accounted for the bulk of the decline in M3.
The narrowest so-called monetary aggregate, M1, which includes only currency in circulation and overnight deposits, declined from 10.1% in March to 9.7% in April.
On the asset side of the equation, private credit grew by 1.2%, up from 1.1% in the month before, while that extended to general government rose from 10.1% to 10.4%. ■