Read the rest here...Eurozone money supply growth plummeted in October and loans to firms contracted at a record rate, heightening the risk of a stalled recovery and Japanese-style deflation next year.
The European Central Bank said M3 money growth fell to 1.4pc from a year earlier, lower than expected and far below the bank's own 4.5pc target deemed necessary to keep the economy on an even keel.
Monetarists watch the M3 data -- covering cash and a broad range of bank accounts -- as an early warning signal for the economy a year or so in advance. “This a large dark cloud hanging over the eurozone in 2014; it means the public debt ratios in Southern Europe are at greater risk of exploding,”? said Tim Congdon from International Monetary Research.
http://www.telegraph.co.uk/finance/econ ... -2014.html