BROAD MONETARY AGGREGATE M3 FALLS.

The latest monetary development report from the European Central Bank (ECB), published 28 November, showed that the annual growth rate of the broad monetary aggregate M3 decreased to 1.4% in October 2013, from 2% in September. M3 is the broadest measure of money. It is used to estimate the total money supply within an economy. The ECB's reference value for monetary growth is set at 4.5%. The figure of 1.4% is not only significantly lower than the ECB deems to be compatible with price stability over the...