Signs of a moderate tightening in credit access conditions are nevertheless beginning to emerge from business surveys. Last week the ECB’s Governing Council expressed concern about the increased downside risks surrounding the euro-area growth outlook, which could affect inflation developments over the medium term.
In addition, the Federal Reserve will propose capital surcharges on firms that pose the greatest systemic risk and will issue a proposal to implement the Basel III quantitative liquidity requirements as they are phased in over the next few years.