Money supply growth in the euro zone is expected to have hit a 12-month high in January to ring alarm bells at the European Central Bank as high liquidity fuels upward pressure on inflation in the medium term.
ECB policymakers have already worried aloud about strong money and credit growth.
But economists said that even if money supply growth does rise for the third month running, this would not be enough to push the ECB into raising interest rates while the growth outlook remains shaky.
"It will definitely not lead to any decrease in concerns the ECB has about money supply growth," said Dresdner Kleinwort Wasserstein European economist Daniela Etschberger.
"But over the last two weeks we have had very disappointing data out of the euro zone . . . I don't think from a growth side they have enough reason to raise interest rates."
A Reuters poll of 33 economists found the median expectation for annual M3 growth in January was a pick-up to 6.5 per cent from 6.4 per cent in December. The data will be released on Friday.
That would be the fastest growth since January 2004, a far cry from the low of 4.9 per cent recorded in May.
The ECB's comfort zone is about 4.5 per cent. ECB policymakers are voicing mounting concern that strong money and credit growth could fuel inflationary pressures in some asset markets in the future.