Eurozone M3 money supply growth accelerated to 5.2% yoy in July, up from 4.5% yoy and beat expectation of 4.7% yoy. M3 growth averaged 4.8% in the three months to July.
Meanwhile, household lending growth accelerated to 3.4% yoy, up from 3.3% yoy, hitting a post-crisis high. Corporate lending growth was unchanged at 3.9% yoy, staying at the highest level this year.
The overall set of data is seen as indication of future activities. And, robust growth in money supply and lending argues that even though the economy is cooling, there is no imminent risk of recession yet.
