Eurozone August M3 money supply -1.3% vs -1.0% y/y expected

• Prior -0.4%

Broad money growth in the euro area declines further as financial conditions continue to tighten and rather quickly I might add in the last few months. A credit crunch is something the ECB wants to avoid but considering the circumstances, they might have to endure a taste or two of that at least before all is said and done with in the months ahead.