Crediting of companies and households in Eurozone has shrunk again in October according to the latest data from the European Central Bank (ECB). The loans to the private sector fell by 1.1% compared to the same period an year earlier and shrinking slightly less than the 1.2% retreat in September. The ECB also announced that the annual growth of the broad monetary aggregate M3 remained stable at 2.5% in October following a similar extension in September. The trend is generally positive after rising 2% in August, 1.8% in July, 1.6% in June to 1.1% in May and only 0.7% in April.

Loans for business, adjusted for sales and securitization declined by 3 billion EUR, while loans to households increased by 5 billion EUR during the reporting month.

According to analysts despite the recent comments of Mario Draghi ECB is unlikely to take further stimulating action at its meeting on 4 December. Any significant new initiatives seems much more likely to happen in the first months of 2015