Details of the July 2016 Eurozone M3 money supply report 26 August 2016
Prior 5.0%
- Loans to households 1.8% vs 1.7% prior
- Loans to non-financial firms 1.9% vs 1.7% prior
The dip in the overall money supply will be overshadowed by the loans to households and businesses. These are key metrics for the ECB in monitoring the transmission of monetary policy. The problem the ECB face in doing all this QE is whether there's demand for borrowing at ground level. Just because it's there doesn't mean folks or businesses want it, so it makes for conflicting signals.
