December 2017 Eurozone M3 money supply and loan growth 26 January 2018
- Prior 4.9%
- Household loans 2.8% unch
- Loans to non-financials 2.9% vs 3.1% prior
The transmission of QE through to the economy is what QE is all about and these are the figures the ECB monitor. Loans have been sitting at multi-year highs, further enhancing the improving economy. We’re still way way below pre-crisis levels though.