  M3 growth accelerated to 5.0% in January, compared with a 4.7% rise in December (M1 growth was 10.5% in January, compared with 10.8% in December).   The annual growth rate of loans to non-financial corporations increased to 0.6% in January, compared with 0.1% in December.
  The verdict so far is that QE has reduced fragmentation in the eurozone financial markets. More specifically, bank lending rates decreased, with significant declines recorded in the nominal cost of bank borrowing for non-financial corporations (NFCs) and households (by 79 and 65 basis points respectively, see Figures 1 and 2).