December’s euro-zone money and credit data show that the effects of rising interest rates were starting to be felt. Households and firms shifted their money into longer-term deposits which are less likely to be spent, and lending growth slowed. Overall, money and credit data paint a much more gloomy picture of the economic outlook than the latest business surveys.
Central Bank Drop-In (2nd Feb., 11:00 EST/16:00 GMT): Join us for this special 20-minute online session when we’ll be taking your questions and highlighting key takeaways from the first Fed, ECB and BoE policy decisions of the year. Register now.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.