I know, I know, M2 isn’t exactly the right indicator

Still, I find this interesting:

M2 money supply growth rates are plunging in Greece (down -16.8% y/y through February), Spain (down -4.7%), and Portugal (-3.8% through January). It is up only 1.3% through February in Italy.

Germany’s M2 is up 7.5% y/y through February. Some of that growth is coming from Greece, Portugal, and Spain, where money supplies are falling as depositors move their funds to banks they deem to be safer in Germany.
The article is here.  Most notable is how the various rates of money supply growth start to diverge around 2010.  For the pointer I thank Alexander Schibuola.


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