This is perhaps most obvious in the manufacturing and tourism sectors, where the level of investment, as a share of GDP, is very low by historical standards (Graph 5). Indeed, in these industries, the current rate of investment is at, or below, the depreciation of the existing capital stock.
This process has been driven by receding demand on the part of financial market participants.   Furthermore, we have experienced a re-activation of the interbank money market: The EONIA volume has nearly doubled since summer (from EUR 26.3 bn on 30 June to EUR 45.7 bn yesterday).