In the EU, as much as 40 percent of household savings are held as bank deposits; in the United States, for example, the share is only one-tenth.1 Listed equity amounts to 170 percent of GDP in the US, compared to less than half that in the euro area.2  Market‑based finance, including asset management, provides a valuable alternative to bank financing.
The overall slowdown in bank lending growth reflects the combined effects of muted business confidence and the banks’ stricter loan standards attributed mainly to continued disruptions in business operations.