Our monetary analysis continues to confirm the expectation of low inflationary pressures over the medium term, as reflected in weak expansion of money and credit. The growth of loans to enterprises in particular is anticipated to remain weak for some time ahead, while the annual growth rate of loans to households is positive and strengthening.
US money market funds basically stopped buying commercial paper; unsecured bond issues dried up. Strong fears were aroused by the large volume of bank bonds maturing in the first part of 2012. In Italy, as in other euro-area countries, funding difficulties were increasingly affecting credit supply conditions. There was a real risk of a severe restriction of funding for the economy.