Looking at the flow of credit, the credit impulse may yet disappoint to support stronger growth. The ECB is thus likely to continue struggling with its optimistic views of a sizeable recovery in investment over the coming years, something for which much more leadership from politicians will be needed.
"While the net take-up of the ECB's TLTRO programme has been broadly in line with our expectations (we expect another net €45bn tomorrow), the recovery in bank lending (and business investment) remains lacklustre", says Societe Generale.


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