So far, there is some encouraging evidence from the ECB’s ongoing QE programme. In more detail: Loan growth continued to recover gradually. Lending to companies grew by 1.9% year-oyear, while household lending grew by 1.8%.
BIS Review 20/1997  -2-  Labor market conditions have continued to improve moderately on the whole. Although the unemployment rate remains at a high level and employment growth has been moderate, overtime working hours have significantly exceeded the level of the previous year in line with production growth, and the ratio of job offers to job applications has continued its rise.