Nonetheless, the rate of decline in private-sector loans has accelerated over the last year – from -0.6% to -2% – and low demand is acknowledged to be the main driver of depressed credit growth. Simultaneous private deleveraging and fiscal consolidation are restricting eurozone growth far more than remaining restrictions on credit supply.
欧洲央行的最新《月报》（Monthly Bulletin）肯定了这一点，指出多重指标表明信用易得性和价格都在改善。尽管如此，私人部门贷款收缩速度在去年仍出现了加快——从-0.6%变为-2%——并且寻求低迷已被认定为信用增长受阻的主要原因。私人去杠杆化和财政整合的同时进行对欧元区增长的限制远过于信用供给持续受限。