Less than stimulating figures from the
eurozone this morning, with the main data point of the day – M3 money supply
growth – recording a slowdown.
Annual growth in money supply was 2.2
per cent in July, down from 2.4 per cent in June and 2.9 per cent in May.
Loans to the private sector also shrank
– by 1.9 per cent year-on-year, from a 1.6 per cent fall in June.
The figures suggest conditions are still
far from ideal for economic recovery and that fresh monetary stimulus from the
European Central Bank could be needed.
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