Eurozone broad money M3 fell by an annual 0.2% in December but the decline was entirely due to a contraction in financial institutions' money holdings: M3 held by households and non-financial corporations rose by 3.6% – see first chart.

Within non-financial M3, corporate money growth picked up further to an annual 5.5%. With debt repayment continuing, measures of the corporate liquidity ratio have surged, suggesting improving prospects for business investment and hiring – second chart.