Euro lending and money growth slows

The European Central Bank's current tightening cycle appears to be starting to make its mark. Mortgage lending growth in the eurozone has slowed to the lowest for more than three years.

The April figure for the growth in mortgage lending registered at 8.6%, down from 8.9% a month before. The former was the lowest rate of increase since November 2003.

The closely-watched M3 broad money supply growth remained stubbornly high at 10.4% in April. Although this too was lower than the 10.9% reported i