Germany defends ECB focus on money growth

Germany's Bundesbank has come out in stout defence of the European Central Bank, arguing that money supply figures - used by the ECB in making interest rate decisions - are helpful in identifying property market distortions.

Citing a special study, the German central bank explained that there was "strong evidence (that) the recent surge in house prices and the loose monetary conditions are related phenomena".

The ECB, in a divergence from many other central banks, emphasises monetary analysis i

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