Money & Credit: Monetary Aggregates in Eurozone December 1, 216 Dr. Edward Yardeni 16-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Money Aggregates: Eurozone 1-2 Money Aggregates: Eurozone Countries 3 Money Aggregates: Eurozone, France 4 Money Aggregates: Germany, Greece Money Aggregates: Ireland, Italy 6 Money Aggregates: Netherlands, Portugal 7 Money Aggregates: Spain 8 December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
8 2 99 96 93 9 87 84 8 78 7 72 69 66 63 6 7 4 Figure 1. MONETARY AGGREGATES*: EUROZONE (billion euros, sa) M2 (63.6) Money Aggregates: Eurozone 2 26 27 28 29 2 211 212 213 214 21 216 217 8 2 99 96 93 9 87 84 8 78 7 72 69 66 63 6 7 4 Source: European Central Bank and Haver Analytics. 2 1 Figure 2. MONETARY AGGREGATES*: EUROZONE (yearly percent change) M1 (7.9) M2 (4.6) M3 (4.4) 2 1-2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: European Central Bank and Haver Analytics. Page 1 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
Money Aggregates: Eurozone Figure 3. 27 M3: EUROZONE (billions of euros, sa) 27 2 Germany France 2 23 23 2 2 19 19 17 29 2 211 212 213 214 21 216 217 17 14 14 13 13 12 Italy 12 Spain 1 1 3 27 29 2 211 212 213 214 21 216 217 3 27 2 22 2 Greece Portugal Ireland 2 22 2 17 17 12 Sep 12 29 2 211 212 213 214 21 216 217 Source: Haver Analytics. Page 2 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
3 2 2 1 - - -1-2 -2-3 Figure 4. M2 MONETARY AGGREGATES*: EUROZONE (yearly percent change) Money Aggregates: Eurozone Countries France (=4.2) Greece (Sep=3.) Ireland (=-.6) Portugal (Sep=9.4) Germany (=.) Italy (Sep=3.8) Netherlands (=1.6) Spain (=8.1) 27 28 29 2 211 212 213 214 21 216 217 3 2 2 1 - - -1-2 -2-3 Source: Bank of Greece, Duetsche Bundesbank, Banque de France, Banco de Portugal, Banca d Italia, Banco de Espana, De Nederlandsche Bank, Central Statistics Office Ireland, and Haver Analytics. 4 4 Figure. M3 MONETARY AGGREGATES*: EUROZONE (yearly percent change) 4 4 3 3 2 France (=4.2) Greece (Sep=3.) Ireland (=.1) Portugal (Sep=9.) Germany (=.3) Italy (=3.4) Netherlands (=2.) Spain (=.8) 3 3 2 2 2 1 1 - - - - -1-1 -2-2 27 28 29 2 211 212 213 214 21 216 217-2 -2 Source: Bank of Greece, Duetsche Bundesbank, Banque de France, Banco de Portugal, Banca d Italia, Banco de Espana, De Nederlandsche Bank, Central Statistics Office Ireland, and Haver Analytics. Page 3 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
2 1 Figure 6. Money Aggregates: Eurozone, France MONETARY AGGREGATES*: EUROZONE (yearly percent change) M1 (7.9) M2 (4.6) M3 (4.4) 2 1-2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: European Central Bank and Haver Analytics. 2 1 Figure 7. MONETARY AGGREGATES*: FRANCE (yearly percent change) M1 (6.) M2 (4.2) M3 (4.2) 2 1 - - - 23 24 2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: Banque de France and Haver Analytics. Page 4 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
3 2 Figure 8. Money Aggregates: Germany, Greece MONETARY AGGREGATES*: GERMANY (yearly percent change, sa) M1 (7.3) M2 (.) M3 (.3) 3 2 2 2 1 1-23 24 2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: Duetsche Bundesbank and Haver Analytics. Figure 9. MONETARY AGGREGATES*: GREECE (yearly percent change) M1 (7.1) M2 (3.) M3 (3.) 3 2 2 1 Sep - - -1-2 -2 2 26 27 28 29 2 211 212 213 214 21 216 217-3 Source: Bank of Greece and Haver Analytics. Page / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
4 3 Figure. Money Aggregates: Ireland, Italy MONETARY AGGREGATES*: IRELAND (yearly percent change) M1 (.9) M2 (-.6) M3 (.1) 4 3 2 2 1 1 - - -1-1 -2 2 26 27 28 29 2 211 212 213 214 21 216 217-2 Source: Central Statistics Office Ireland and Haver Analytics. 2 1 Figure 11. MONETARY AGGREGATES*: ITALY (yearly percent change) M1 (9.3) M2 (3.8) M3 (3.4) 2 1 Sep - - - 2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: Banca d Italia and Haver Analytics. Page 6 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
2 2 Figure 12. Money Aggregates: Netherlands, Portugal MONETARY AGGREGATES*: NETHERLANDS (yearly percent change) M1 (3.) M2 (1.6) M3 (2.) 2 2 1 1 - - - 23 24 2 26 27 28 29 2 211 212 213 214 21 216 217 - Source: De Nederlandsche Bank and Haver Analytics. 3 3 2 Figure 13. MONETARY AGGREGATES*: PORTUGAL (yearly percent change) M1 (21.1) M2 (9.4) M3 (9.) 3 3 2 2 Sep 2 1 1 - - - -1 23 24 2 26 27 28 29 2 211 212 213 214 21 216 217 - -1 Source: Banco de Portugal and Haver Analytics. Page 7 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
3 2 2 Figure 14. Money Aggregates: Spain MONETARY AGGREGATES*: SPAIN (yearly percent change) M1 (16.3) M2 (8.1) M3 (.8) 3 2 2 1 1 - - - 27 28 29 2 211 212 213 214 21 216 217 - Source: Banco de Espana and Haver Analytics. Page 8 / December 1, 216 / Money & Credit: Monetary Aggregates in Eurozone www.
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