That being said, in a situation where price rises are expected to take hold from the second half of fiscal 2015 onward, improvement in real wages should become an important key to ensuring continued resilience in private consumption.
M3 growth continues to benefit from the impact of the ECB’s monetary policy measures and the low opportunity cost of holding the most liquid deposits. The narrow monetary aggregate M1 remained the main contributor to broad money growth. The recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding.