The ECB stated on Thursday that M3 money supply in Euro-Zone rose at a slower pace of 3% in July compared to June's 3.6%. As market experts tend to think the annual growth rate will ease to 3.2%. Among the main components of M3, M1 increased 12.2% in July, up from 9.4% in June. Meanwhile, the annual rate of change of short-term deposits depreciated to minus 2.6% from 0.4% in June. Furthermore, the annual rate of change of marketable instruments dropped to minus 7% from minus 4% in the previous month. The euro-region economy barely contracted in the Q2 as Germany and France unexpectedly emerged from the decline.
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