Spanish Velocity of Money Circulation: Ratio Nominal GDP to Cash plus Deposits.

Ratio PIB/(Efectivo+Depósitos)
0,80

0,70

0,60

0,50

0,40

0,30

0,20

0,10

0,00
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source: Bank of Spain.

Note: Bank of Spain as member of the Euro System does not measure Mo, M1, M2, M3. ECB does it for the Euro Area as a whole.