Euro area M1 falling fastest in 50 years

 I talked before how the US's M1 is falling faster than it's done since the Great Depression in nominal terms, and the fastest since WW2 in real terms. 

I was alarmed to see that the Euro Area's M1 is now falling faster than at any time in the last 53 years.   And that's in nominal terms, i.e., before adjusting for inflation.

What does it look like in real terms?  And compared with GDP?

The chart is below.

Note:

1.  The downward spike in GDP with covid, and the upward spike caused by the year-on-year calculation because of it;
2. that there is a lag between the changes in real M1 and the changes in the economy;
3. that real money supply (adjusted for inflation) is falling faster than before previous deep recessions (1974; 1980-83; 2007-2008).

From which I conclude:

1. That Europe (which is already in recession) is going to go into at least as deep a recession as the GFC (2007-2008), and; 
2. that it will be impossible for the world to avoid a deep recession, since the US makes up ±25% of the world economy and Europe ±20%.  In fact, one reason for China's weakness (±15-20% of the world's economy) is the slowdown in her exports.

Of course, I could be wrong.  Or, which is almost as bad, too early.  All that's keeping the US economy afloat is "revenge spending" on things like holidays, air travel, restaurants, hotels and entertainment, all things which Covid severely limited.  The gap between the services and the manufacturing sector has never been bigger.  Like Wile E. Coyote, if people look down, they'll fall.  But when?

The spike in M1 in 2005 looks suspiciously like a one-off definitional change.
I'll do some research to find out if that's so.
But it doesn't change any of my conclusions---it'll just improve the fit of the two curves.