Annual growth for loans directed at non-financial corporations reached 4.4% in July, climbing from the 4.0% recorded in June. Household borrowing saw a more modest uptick, rising to 3.1% from the previous month’s 3.0%. This sustained appetite for credit suggests that economic activity remained resilient during the initial phase of the ECB’s tightening cycle.
Euro Zone Bank Lending Accelerates Despite ECB Rate Hike
Bank lending across the euro zone quickened in July, even as borrowers faced the first interest rate increase from the European Central Bank in nearly three years. Data released Thursday shows that credit flow to both businesses and families expanded in the first full month following the landmark shift in monetary policy.
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