This week’s Bank Lending Survey brought more good news for the ECB. Lending conditions have continued to improve, and growth in the demand for credit points to a continued decent recovery in investment. Banks also reported that ECB policies had provided a boost to bank lending. All this supports the Bank’s assessment that risk to the economy are becoming more balanced. Nevertheless, it doesn’t point to a sharp rise in inflation. So the ECB remains a long way from tightening policy.
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