While some of the euro-zone activity indicators have nudged up this month, money and credit growth have weakened further. The annual growth rate of the broad money supply fell to an 11-month low of 1.6% in December. Admittedly, the ECB’s generous provision of three-year loans has helped to ease tensions in interbank markets. But, so far, banks have put the money on deposit with the central bank rather than lending it to firms and consumers. What’s more, the ECB’s latest Bank Lending Survey suggests that banks will tighten credit conditions further in the next few months.