FXstreet.com (Barcelona) - M3 grew by 12.3% in November compared with the same period one year ago, this increase was similar to the growth rate posted in October, according to the latest report by the European Central Bank.
The market expectations were a slightly lower reading of 12.2% in the month.
The three-month average of the annual growth rate increased to the level of 11.9% in the period September - November following the 11.7% posted in the period August - October. This more closely watched measure moved further away from the 4.5% level, considered in line with maintaining price stability by the ECB.
The annual growth rate of credit to the private sector dropped to the level of 12.2% in November from the 12.4% in October. Within this measure, the growth rate of loans to private sector declined to 11.2% from the 11.2% registered in October.