The M3 measure of annual growth of the broad money supply in the 16-nation euro zone turned negative in November, the European Central Bank reported Wednesday. M3 growth fell 0.2% compared to November 2008, after a 0.3% annual rise in October. Loans to the private sector in November fell by 0.7% compared to the same month last year after a decline of 0.8% in October. Over the three months ending in November, M3 grew at an average pace of 0.6%, while loans contracted by 0.6%. (full story)