The loans to households in the 19-nation currency union rose by 2.3% on a monthly basis in February, which represents acceleration compared to January, when the rate was 2.2%. The value of the second month of the year is the best since December 2010 and suggests that cheap money policy of the ECB starts to reach the real economy and households.
The pace of growth in corporate lending is slowing from 2.3% in January to 2% in February, which is the lowest since June last year. Moreover, it seems disturbing trend of slow but consistent acceleration.
The annual growth of money in circulation in the euro area (monetary aggregate M3), which is often considered an indicator of future economic activity, was 4.7% in February, once in January was 4.8%. Expectations of economists polled by Reuters was for growth of M3 indicator amounted to 4.9%.