Euro Zone M3 Money Supply

Moreover, the seasonally adjusted annual index expanded in March by 3.2% from the previous expansion of 2.8%, beating estimates of 2.8%. The expansion seen in the supply of money in the euro zone most probably was supported by the long-term refinancing operations, which were provided by the European Central Bank once this year in February and twice since December.

The effect of the long-term funds provided for banks took time to reach the real economy and still we are waiting the impact in the coming period to be more significant.