Money supply growth in the euro zone accelerated faster than expected in August to some two points above the European Central Bank's 4.5 per cent reference value, the ECB said today.
But analysts said persistent doubts about the reliability of the data mean its impact on the bank's monetary policy decisions will be limited.
The ECB council holds its regular meeting today and all 45 economists polled expected the central bank to leave interest rates unchanged just 10 days after its half-point reduction in response to attacks in the United States.
The ECB said M3 annual growth, which it sees as a key barometer of future inflation, rose to a seasonally adjusted 6.7 per cent in August from 6.4 per cent in July. The consensus forecast of economists polled was for annual M3 growth of 6.3 per cent.
The generally less volatile three-month moving average of the annual M3 growth rates rose 6.4 per cent from an unrevised 5.9 per cent in July.
Analysts said that the faster-than-expected increase in money-supply growth should not deter the ECB from making further interest rate cuts as business and consumer confidence across the euro zone fall and inflationary pressures ease.
"It is broadly in line with the consensus, a bit stronger than expectations, but the ECB stressed this has been affected by portfolio shifts because of weak stock markets," said Mr Gregor Beckmann of HSBC Trinkaus.
"One should not over-interpret the data . . . It should not stand in the way of a further interest rate easing".