M3 Money Supply Slows Again More Than Expected

In May, euro zone M3 money supply and credit growth slowed again more than expected. Compared to last year, M3 rose by 3.7% Y/Y, while an outcome of 4.6% Y/Y was forecasted. Looking at the details, total credit growth slowed from 4.4% Y/Y to 4.0% Y/Y and annual credit growth to the private sector declined from 3.7% Y/Y to 3.1% Y/Y.

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