The year on year (YoY) growth rates in all money supply measures for the euro area dropped in June according to figures just released by the ECB.
The M2 money supply YoY growth rate in June fell to 4.0%, the lowest recorded since September last year and was substantially lower than both the 3 month and 6 month average YoY growth rate. On the same basis, the growth rates for M1 and M3 for the month compared to same month last year were also lower than the 3 and 6 month averages.
All money supply measures are currently lower than their all-time highs based on amounts outstanding.
Base money (monetary base) continues to fall and is now 21.0% lower than it was at year end 2012 and 27.4% (€486.684 billion) lower than June last year when it peaked (see here for some reasons as to why).
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