New figures show that euro zone money supply growth jumped to a record high in July.
This keeps European Central Bank worries about inflation alive. But expectations of an interest rate rise next week have eased due to turbulence in credit markets.
ECB figures showed that growth in M3 money supply, a broad gauge of how much cash is readily available to spend, picked up to an annual rate of 11.7% from 10.9% in June.
This was above analysts' expectations and the highest rate since records began in 1981. The ECB sees rapid money supply growth as a warning light for future inflation.
ECB president Jean-Claude Trichet said on Monday the bank's Governing Council would make a fresh assessment of the economic situation at its next meeting on September 6. He noted that his last comments on monetary policy, when he used the 'strong vigilance' phrase signalling action is likely, came before the current period of market volatility.
