Euro Zone Business Lending Growth Hit Post-crisis High

Lending growth to euro zone companies surged to a post-crisis high last month, while a broader indicator of money circulating in the euro area, which often foreshadows future activity, surged unexpectedly, the European Central Bank said.

Monetary developments in the euro area:

• Annual growth rate of broad monetary aggregate M3 increased to 4.4 percent in June 2018 from 4.0 percent in May

• Annual growth rate of narrower aggregate M1, comprising currency in circulation and overnight deposits, stood at 7.4 percent in June, compared with 7.5 percent in May

• Annual growth rate of adjusted loans to households stood at 2.9 percent in June, unchanged from previous month

• Annual growth rate of adjusted loans to non-financial corporations increased to 4.1 percent in June from 3.7 percent in May - Istanbul