The European Central Bank just released the M3 Money Supply for the Eurozone. For newbies, it shows a change in the total value of new loans issued to consumers and businesses in the private sector. Borrowing and spending are positively correlated – consumers and businesses tend to seek credit when they are confident in their future financial position and when they feel comfortable spending money.

The annual growth rate of broad monetary aggregate M3 decreased to 3.8% in January 2019 from 4.1% in December 2018. The annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits – M3, decreased to 3.8% in January 2019.