The development over the last decade has offered a new perspective on the interaction between the stock market and the real economy. The growth of government debts together with the efforts to eliminate the negative impacts of the financial crisis resulted into a wider usage of new stimulation tools to kick-start the stock markets as well as the real economy. The recent experiences with various fiscal and monetary tools used in the USA and in Japan show that the most important tool is the growth of the money supply, i.e. quantitative easing. A lot of economists evaluate its positive results. Also the ECB initiated the quantitative easing in order to support the economic growth. The aim of this paper is to investigate the connection between the growth of the M3 monetary aggregate in the Eurozone and the growth of the Eurozone stock markets.