Avouyi-Dovi, S.; Brun, M.; Dreyfus, A.; Drumetz, F.; … - Banque de France - 2006
In recent years, the dynamics of M3 in the euro area have been driven by two factors: a strong preference for liquidity …. Equity market developments therefore appear to be a significant explanatory factor for the dynamics of M3 in the euro area … with European stock price developments, point to moderate but persistent excess liquidity in the euro area. …