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Money & Credit:
Monetary Aggregates
in Eurozone
Yardeni Research, Inc.
February 9, 2015
Dr. Edward Yardeni
516-972-7683
[email protected]
Debbie Johnson
480-664-1333
[email protected]
Mali Quintana
480-664-1333
[email protected]
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Table Of Contents
Table Of Contents
Money Aggregates: Eurozone
Money Aggregates: Eurozone Countries
Money Aggregates: Eurozone, France
Money Aggregates: Germany, Greece
Money Aggregates: Ireland, Italy
Money Aggregates: Netherlands, Portugal
Money Aggregates: Spain
February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
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2
3
4
5
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Money Aggregates: Eurozone
Figure 1.
9900
9600
9900
MONETARY AGGREGATES*: EUROZONE
Dec
(billion euros, sa)
9600
9300
9300
9000
9000
8700
8700
8400
8400
8100
8100
M2 (9633.7)
7800
7800
7500
7500
7200
7200
6900
6900
6600
6600
6300
6300
6000
6000
5700
5700
yardeni.com
5400
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
5400
2015
* Includes currency in circulation.
Source: European Central Bank and Haver Analytics.
Figure 2.
20
20
MONETARY AGGREGATES*: EUROZONE
M1 (7.8)
(yearly percent change, sa)
M2 (3.5)
M3 (3.6)
15
15
10
10
Dec
5
5
0
0
yardeni.com
-5
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-5
2015
* Includes currency in circulation.
Source: European Central Bank and Haver Analytics.
Page 1 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
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Money Aggregates: Eurozone Countries
Figure 3.
30
25
30
M2 MONETARY AGGREGATES*: EUROZONE
(yearly percent change)
25
France (Dec=3.6)
Greece (Dec=-0.1)
Ireland (Dec=-5.4)
Portugal (Nov=0.7)
20
15
Germany (Dec=4.8)
Italy (Dec=3.6)
Netherlands (Dec=-0.2)
Spain (Dec=2.3)
20
15
10
10
5
5
0
0
-5
-5
-10
-10
-15
-15
yardeni.com
-20
2007
2008
2009
2010
2011
2012
2013
2014
-20
2015
* Includes currency in circulation.
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.
Figure 4.
45
40
45
M3 MONETARY AGGREGATES*: EUROZONE
(yearly percent change)
40
France (Dec=3.7)
Greece (Dec=-0.3)
Ireland (Dec=20.2)
Portugal (Nov=0.1)
35
30
25
Germany (Dec=4.7)
Italy (Dec=2.4)
Netherlands (Dec=-0.2)
Spain (Dec=2.8)
35
30
25
20
20
15
15
10
10
5
5
0
0
-5
-5
-10
-10
-15
-15
-20
-20
yardeni.com
-25
2007
2008
2009
2010
2011
2012
2013
2014
-25
2015
* Includes currency in circulation.
Source: Bank of Greece, Duetsche Bundesbank, Banque de France, Banco de Portugal, Banca d’ Italia, Banco de Espana, and Haver Analytics.
Page 2 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
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Money Aggregates: Eurozone, France
Figure 5.
20
20
MONETARY AGGREGATES*: EUROZONE
M1 (7.8)
(yearly percent change, sa)
M2 (3.5)
M3 (3.6)
15
15
10
10
Dec
5
5
0
0
yardeni.com
-5
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-5
2015
* Includes currency in circulation.
Source: European Central Bank and Haver Analytics.
Figure 6.
20
20
MONETARY AGGREGATES*: FRANCE
M1 (7.1)
(yearly percent change)
M2 (3.6)
M3 (3.7)
15
15
10
10
Dec
5
5
0
0
-5
-5
yardeni.com
-10
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-10
2015
* Includes currency in circulation.
Source: Banque de France and Haver Analytics.
Page 3 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
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Money Aggregates: Germany, Greece
Figure 7.
30
30
MONETARY AGGREGATES*: GERMANY
M1 (8.1)
(yearly percent change, sa)
M2 (4.8)
25
25
M3 (4.7)
20
20
15
15
10
10
Dec
5
5
0
0
yardeni.com
-5
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-5
2015
* Includes currency in circulation.
Source: Duetsche Bundesbank and Haver Analytics.
Figure 8.
30
MONETARY AGGREGATES*: GREECE
M1 (3.5)
(yearly percent change)
25
M2 (-0.1)
M3 (-0.3)
20
15
10
Dec
5
0
-5
-10
-15
yardeni.com
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-20
2015
* Includes currency in circulation.
Source: Bank of Greece and Haver Analytics.
Page 4 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
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Money Aggregates: Ireland, Italy
Figure 9.
45
45
MONETARY AGGREGATES*: IRELAND
M1 (2.2)
(yearly percent change)
M2 (-5.4)
35
35
M3 (20.2)
25
25
15
15
5
5
Dec
-5
-5
-15
-15
yardeni.com
-25
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-25
2015
* Includes currency in circulation.
Source: Central Statistics Office Ireland and Haver Analytics.
Figure 10.
20
20
MONETARY AGGREGATES*: ITALY
M1 (8.9)
(yearly percent change)
M2 (3.6)
M3 (2.4)
15
15
10
10
Dec
5
5
0
0
-5
-5
yardeni.com
-10
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-10
2015
* Includes currency in circulation.
Source: Banca d’Italia and Haver Analytics.
Page 5 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
www.yardeni.com
Money Aggregates: Netherlands, Portugal
Figure 11.
25
25
MONETARY AGGREGATES*: NETHERLANDS
M1 (1.9)
(yearly percent change)
M2 (-0.2)
20
20
M3 (-0.2)
15
15
10
10
5
5
Dec
0
0
-5
-5
yardeni.com
-10
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-10
2015
* Includes currency in circulation.
Source: De Nederlandsche Bank and Haver Analytics.
Figure 12.
20
20
MONETARY AGGREGATES*: PORTUGAL
M1 (14.6)
(yearly percent change)
M2 (0.7)
15
Nov
M3 (0.1)
15
10
10
5
5
0
0
-5
-5
-10
-10
yardeni.com
-15
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-15
2015
* Includes currency in circulation.
Source: Banco de Portugal and Haver Analytics.
Page 6 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
www.yardeni.com
Money Aggregates: Spain
Figure 13.
30
30
MONETARY AGGREGATES*: SPAIN
M1 (11.4)
(yearly percent change)
M2 (2.3)
25
25
M3 (2.8)
20
20
15
15
Dec
10
10
5
5
0
0
-5
-5
yardeni.com
-10
2007
2008
2009
2010
2011
2012
2013
2014
-10
2015
* Includes currency in circulation.
Source: Banco de Espana and Haver Analytics.
Page 7 / February 9, 2015 / Money & Credit: Monetary Aggregates in Eurozone
Yardeni Research, Inc.
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