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Money Supply
There are different way to measure the growth of the money supply, with each country varying in their preferences. As more money is printed and put into circulation, it has an effect of increasing inflation, which would tend to lead to higher interest rates.

Main Indicator: M3 Money Supply y/y

Most Recent Release

April
25th, 2008
Actual Forecast Previous Revised Form
10.3% 10.6% 11.3% N/A

For March (seasonally adjusted)
Provided by: European Central Bank

M3 s.a. (3 month average): 11.1%, forecast 11.0%, pr. 11.5% (rev from 11.4%)

Money supply tightened a bit in March. The closely watched 3 month average of M3 Money supply growth rate, also declined, pretty much in line with forecast. Loans extended to private sector edged down to an annual growth rate of 10.8%, down from 11.0%. Although credit conditions may have tightened money supply, the 3-month average is above ECB's reference level of 4.5% required to maintain price stability. With inflation at 3.6% y/y, significantly above 2.0%, the central bank is forced to be sidelined, even as the euro-zone growth shows downside risk.

Table of Past Data

7/268/289/2710/2611/281/31/282/273/314/25
Actual10.9%11.7%11.6%11.3%12.3%12.3%11.5%11.5%11.3%10.3%
Forecast10.7%11.0%11.7%11.5%12.3%12.3%11.3%11.5%10.6%
Previous10.6%10.9%11.7%11.6%11.3%12.3%12.3%11.6%11.5%11.3%
Revised From10.7%N/AN/AN/AN/AN/AN/A11.5%N/AN/A

Past Releases

March
31st, 2008
Actual Forecast Previous Revised Form
11.3% 11.5% 11.5% N/A

For February (seasonally adjusted)
Provided by: European Central Bank
Official Release: PDF

M3 s.a. (3 month average): 11.3%, forecast 11.5%, pr. 11.8%

Though inflation is running high in the Euro-zone, todays data showed money supply growth cooling. The annual pace in February was predicted to stay steady, and the 3 month average was expected to cool to 11.5%. Both figures were lower than expectations, as the ECB has not lowered rates in order to stimulate the economy through an increase in the money supply. This is in direct contrast to the US which has slashed rates, in order to shore up growth, and hoping that inflation will cool as a result of the slowdown in growth.

Today's preliminary data for inflation was higher than expected increasing 3.5% y/y in March. The data, along with a slew of other indicators from the Euro-zone, did not have much of an effect on the markets.

February
27th, 2008
Actual Forecast Previous Revised Form
11.5% 11.3% 11.6% 11.5%

For January (seasonally adjusted)

M3 s.a. (3 month average): 11.8%, forecast 11.8%, pr. 12.1% 

January
28th, 2008
Actual Forecast Previous Revised Form
11.5% 12.3% 12.3% N/A

For December (seasonally adjusted)

M3 s.a. (3 month average for Oct-Dec): 12.1%, forecast 12.2%, pr. 11.9% (Sep-Nov)

January
3rd, 2008
Actual Forecast Previous Revised Form
12.3% 12.3% 12.3% N/A
For November.
November
28th, 2007
Actual Forecast Previous Revised Form
12.3% 11.5% 11.3% N/A
For October.