THE EUROZONE’S money supply accelerated in April, boosting the currency bloc’s growth and inflation prospects.
M3 – which adds up all the euros in the bank accounts of people and companies – rose by 4.6 per cent in March compared with the same month last year, according to data released by the European Central Bank yesterday.
It marks an uptick on February when growth was four per cent.
Eurozone money supply growth has recovered over the last year – it was only one per cent year-on-year last March. But it still remains below pre-crisis rates, which tended to be in excess of six per cent year-on-year.
“Money supply data continue to tell an upbeat story on growth in the Eurozone, with M3 accelerating to a new post-crisis high,” said economist Claus Vistesen from Pantheon Macroeconomics.