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Good to see credit being passed onto households from QE we have never really seen that here – just bankers getting richer and made whole and the rich getting more money to buy paper assets, See the record margin debt for confirmation there.
This suits the ECB as it is a further argument for a “lower for longer” strategy for ECB on tapering. ECB is seeing first signs of pipeline inflation pressures and credit conditions are continuing to improve. Draghi’s speech on Thursday you would think would reflect this.
Harley you are correct the survey shows QE has helped to ease credit conditions and that negative rates have had a positive impact on the volumes of lending in the Eurozone. This provides supporting arguments for the ECB to continue QE for a longer period of time.
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