Eurozone credit turns a corner

Friday, 26 July 2013

ANZ has some nice charts in a note this morning covering this week’s ECB Bank Lending Survey. The worst is well over in credit availability:

And there is some new demand as well:

Leading to a reasonable prospect of a return to shallow growth in the second half:

Looks like Europe will offer something to the world in the months ahead. What happens after the German election, however, is anyone’s guess.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.