New tightening of credit to the private sector by European financial institutions. According to the European Central Bank, in fact, loans to the sector recorded a decrease of 2,3% on an annual basis, after the -2,2% of October. As far as households are concerned, the trend is slightly positive (0,1%), but also in this case it is down compared to the previous month (0,2%), with the dynamics of real estate loans remaining unchanged at 0,9, XNUMX%.
The situation of non-financial companies worsens, with a drop in loans of 3,9% on an annual basis, against -3,8% in October. On the other hand, disbursements to non-financial intermediaries, with the exclusion of pension funds and insurance companies, fell by 9,1%.
The M3 money supply is growing, with an annual increase of 1,5% in November, after +1,4% in October. The three-month average, ie the one that runs from September to November, recorded an increase of 1,7%, compared to +1,9% for the three months ending in October, in line with analysts' expectations.
