The broad money supply M3 in the Eurozone has shrunk by 0.4% in July compared to the same month last year, which is the first decline since 2010. The narrow money supply M1 has been shrinking for some time and fell by 9.2% in July compared to the same month last year.

The sluggish economy in the Eurozone is increasingly weighing on the development of the money supply... a lot of work waiting for the ECB.