In July, the currency supply data released by the euro (1.0834, 0.0015, 0.14%) announced on Monday showed that with the private sector's lending stagnation and the decline in deposit, the July M3 data of the euro zone has been shrinking year -on -year since 2010.The tightening of the financial situation has also added a bit of uncertainty to the pace of the European Central Bank's follow -up interest rate hikes.
Data show that as indicators of all funds in the European Central Bank monitoring the euro area system, the M3 data of deposits, loans, cash and various financial tools in deposits, cash and various financial tools fell by 0.4%year -on -year.Essence
Of course, as the European Central Bank raised the benchmark deposit interest rate from -0.5%to 3.75%, the superposition of the table was superimposed.Signal.
From the perspective of subdivided projects, the reason why the currency supply in the euro zone has shrunk for the first time in the past 13 years is that the growth rate of private sector borrowing loans has fallen to 1.6%, and government loans have also fallen by 2.7%.Maximum decline.
In line with the market, companies and individuals in the euro zone are also moving out of the overnight deposit account. This part of the funds has fallen by 10.5%over the past year.At the same time, the scale of fixed interest rate deposits with higher income has soared by 85%over the past year.
After the continuous stagnation or shrinking at the end of last year and the first quarter of this year, the economy of the euro zone in the second quarter of this year has increased by 0.3%month -on -month, but more economic data and PMI surveys have shown that the euro zone economy may be in the third quarter in the third quarter.Fall in stagnation.
Among the European Central Bank's management committees, people who compare the "pigeons" believe that inflation has begun to decline, and more interest rate hikes will only bring unnecessary decline pain.The members of the "Eagle School" believe that the CPI in the euro zone is still as high as 5.3%, and the distance is too far away from the policy goals.Of course, this incident is not so anxious. At least you have to look at the latest euro zone CPI released on Thursday first, what inflation will bring to the market.
