1  There was a 5.6 per cent annualized contraction in credit in the three months ending in November 2013. 2  Credit supply tensions during the crisis are documented both in empirical studies and by surveys of banks and businesses. See F. Panetta and F. M. Signoretti, “Credit demand and supply in Italy during the financial crisis”, Occasional Papers, No.
63, Bank of Italy, April 2010; P. Del Giovane, A. Nobili and F. M. Signoretti, “Supply tightening or a lack of demand? An analysis of credit developments during the Lehman Brothers and the sovereign debt crises”, Working Papers, No. 942, Bank of Italy, November 2013.