Euro money growth speeds up

Money supply growth picked up and loans to the private sector inched higher in July, European Central Bank (ECB) data showed yesterday. The broadest measure, known as M3, accelerated at a rate of 3.8 per cent in July, from the previous year. Economists had expected a rate of 3.2 per cent – the same as had been recorded in June. And private sector loans were up 0.1 per cent in July, after falling 0.2 per cent in June.