Se acelera oferta monetaria en ZE, pero préstamos a empresas siguen cayendo
Genevieve Signoret & Patrick Signoret
Los depósitos aumentaron en la zona del euro en abril, impulsando M1 y, por lo tanto, M2 y M3 (Eurostat). Barclays concluyó ($) que el rescate de Chipre no tuvo impacto significativo en los depósitos de otros países de la eurozona. Pero los depósitos en la periferia, especialmente en Chipre, seguían contrayéndose en términos interanuales. Los préstamos de bancos comerciales a consumidores y empresas permanecen débiles en toda la unión monetaria (Eurostat).
Thomas Harjes de Barclays ($) (Instant Insights: “Euro area broad money growth up, strong deposit inflows, but bank lending still depressed”, 29 mayo 2013):
Euro area M3 rose by EUR15bn in April and its annual growth rate climbed to 3.2% from 2.6% in the previous month, somewhat stronger than expected. M3 growth was driven by stronger deposit flows from both households and firms pushing up M1 growth to 8.7% y/y, the highest since mid 2010. On a seasonally adjusted basis, household deposits rose by EUR10bn (4.0% y/y) and non-financial companies (NFCs) added EUR2bn (6.2% y/y) to their record-high cash piles. Currency in circulation also rose by EUR11bn (to 3.4% y/y). […It] appears as if the international aid programme for Cyprus and the associated bail-in of large bank deposits has had little lasting impact on deposit flows at large.
El mismo autor analizó las cifras a nivel país (Instant Insights: “Euro area MFI country-level analysis: Less regional fragmentation while weak bank lending spreads to the core euro area countries”, 29 mayo 2013):
The April MFI country-level data still point to less regional fragmentation across the euro area’s banking sector but deposits returned at a much slower pace to southern European banks, than in previous months. Cyprus, of course, is still an exception and banks registered strong outflows again in April.
Bank lending flows to non-financial corporates (NFCs) remain anaemic in Southern Europe but are now also very weak in several core countries, including France and Germany, that experienced sluggish economic activity over the past couple of quarters.
Los depósitos aumentaron en la zona del euro en abril, impulsando M1 y, por lo tanto, M2 y M3. Zona del Euro: Oferta monetaria, abr 1999 – abr 2013 (% a/a)
Pero los préstamos de bancos comerciales a consumidores y empresas permanecían débiles.
Zona del Euro: Préstamos de bancos comerciales, abr 1999 – abr 2013 (% a/a)
