Main Article: Bank Lending: Europe - InvestmentWiki
- Credit to non-financial corporations shrank by an annual 0.3% in October. That’s the first contraction since 2015, when longer-term ECB loans known as TLTROs, alongside the start of quantitative easing, ended three years of declines.
- Lending growth to households, meanwhile, slowed to 0.6% from 0.8%, the lowest pace since early 2015, when the bloc was just beginning to recover from its debt crisis.
- M3, a broad measure of money in circulation, retreated for a fourth month, at -1%
“The significant deceleration in credit to the private sector is worrying,” said Piet Christiansen, chief strategist at Danske Bank. “Looking into 2024, we’ll likely see weak lending dynamics similar to the episode before TLTROs were launched.”
https://finance.yahoo.com/news/ecb-hikes-pull-business-lending-120028913.html
https://www.reuters.com/markets/europe/euro-zone-corporate-lending-contracts-economy-shrinks-ecb-data-2023-11-28/