The article examines how money growth in the euro area has been higher than expected, leading to instability in the relationship between money balances and the economy. By analyzing the connection between money velocity and asset prices, the researchers found that both stock and house prices have negatively impacted money velocity since 2001. This suggests that traditional measures of money demand may not fully account for the influence of real and financial wealth. The study's results indicate that wealth effects play a significant role in shaping the relationship between money and the economy in the euro area.