Eurozone money supply and credit figures have strengthened the case for further interest rate increases, with housing markets in the 13-country region showing only modest signs of cooling.

Annual growth in M3, the broad money supply indicator, reached a fresh high in February, according to European Central Bank figures. At 10.0 per cent, compared with an upwardly-revised 9.9 per cent in January, the rate of expansion was fastest since the launch of the euro in 1999.