Euro-Area Money Supply Grows at Fastest Pace Since 2009

For all the gloom hanging over the euro-area economy, demand for money was surprisingly solid last month. European Central Bank figures published Thursday showed M3 -- a broad measure of the money circulating in the economy -- expanded at the quickest pace since 2009, and loan growth to companies accelerated to 4.3% from 4.0%. That adds fuel to the arguments of the sizable minority in the ECB’s Governing Council who argued that President Mario Draghi’s stimulus package on Sept. 12 was too much too soon.