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Financial News: Eurozone M3 Growth Accelerates, Private Sector Credit Rise

Eurozone M3 Growth Accelerates, Private Sector Credit Rises

04/29/2020 - 06:29:00 (RTTNews)

(RTTNews) - Eurozone monetary aggregate and private sector credit grew at faster rates in March, the European Central Bank reported Wednesday.

The monetary aggregate M3 expanded at a pace of 7.5 percent annually in March, following a 5.5 percent rise in February. The rate was forecast to remain unchanged at 5.5 percent.

Likewise, growth in narrow measure, M1 advanced to 10.3 percent from 8.1 percent a month ago.

Data showed that annual growth in credit to private sector improved to 4.2 percent in March from 3.4 percent in February.

Likewise, the adjusted loans to the private sector increased to 5 percent from 3.7 percent. However, growth in loans to households eased to 3.4 percent from 3.7 percent. Meanwhile, loans to non-financial corporations accelerated to 5.4 percent from 3 percent.

Monetary conditions have loosened significantly because of the ECB measures, which should help fend off the crisis although it is unlikely to result in more economic activity in the immediate lockdown phase, Bert Colijn, an ING economist said.

The question now is whether the permanent damage can be contained with the monetary response in place, the economist added.

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