{"id":2778,"date":"2009-04-30T15:58:00","date_gmt":"2009-04-30T15:58:00","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2778"},"modified":"2025-03-27T15:48:49","modified_gmt":"2025-03-27T15:48:49","slug":"eurozone-money-lending-trends-still-weakening","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2778","title":{"rendered":"Eurozone money \/ lending trends still weakening"},"content":{"rendered":"<p>Eurozone monetary statistics for March and the latest survey of bank loan officers suggest an urgent need for the ECB to embrace US \/ UK-style quantitative easing at its meeting next week.<\/p>\n<p>Broad money M3 has contracted over the last three months, pulling annual growth down to a five-year low of 5.1% &ndash; see first chart. The liquidity squeeze remains focused on the corporate sector, with M3 deposits of non-financial companies 1.2% lower than a year ago.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/chart1v2.gif?__SQUARESPACE_CACHEVERSION=1241172155052\" alt=\"\" \/><\/span><\/span><\/p>\n<p>In terms of the credit counterparts, M3 weakness reflects a recent fall in bank lending to the private sector &ndash; second chart. A similar decline in the US has been offset by the expansionary impact of the Fed&rsquo;s securities purchases, so US M2 has continued to grow, albeit at a slower pace than in late 2008 &ndash; see last post.<br \/><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/chart2v2.gif?__SQUARESPACE_CACHEVERSION=1241172315289\" alt=\"\" \/><\/span><\/span><\/p>\n<p>The latest bank loan officer survey shows a fall in the net percentage tightening credit standards on corporate loans but the decline was much less than in the Bank of England survey released in early April &ndash; third chart. The equivalent US survey is due next week; the Fed&rsquo;s statement yesterday referring to &ldquo;some easing of financial conditions&rdquo; hints at favourable results.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/chart3v3.gif?__SQUARESPACE_CACHEVERSION=1241172342101\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eurozone monetary statistics for March and the latest survey of bank loan officers suggest an urgent need for the ECB to embrace US \/ UK-style quantitative easing at its meeting next week. Broad money M3 has contracted over the last three months, pulling annual growth down to a five-year low of 5.1% &ndash; see first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2778","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2778"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2778\/revisions"}],"predecessor-version":[{"id":5087,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2778\/revisions\/5087"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}