Money supply growth surged again in the euro zone, adding to expectations that the European Central Bank will raise interest rates imminently. March broad M3 money supply growth jumped 10.9% on the year, the strongest rise in 24 years, and the highest growth rate since the introduction of the euro. M3 growth rose 10.0% in February. The more closely watched three-month moving average for M3, which irons out some of the monthly fluctuations, expanded 10.3% in the January-March period, up from the December-February rate of 9.9%. That is well above the ECB's 4.5% reference value for the three-month average, which it considers in line with maintaining price stability. The March figures also exceed market expectations of 9.7% annual M3 growth and a three-month rate of 9.8%. Markets believe the ECB will raise the key refinancing minimum bid rate at its June 6 policy meeting to 4.00% from 3.75%. Many market participants say the ECB won't stop at 4.00%, expecting at least one more hike thereafter. The ECB has hiked interest rates by 25 basis points seven times since the start of its monetary tightening in December 2005.