Additionally, Trichet noted credit growth in his speech and emphasized that there was little evidence that the current financial rout was strongly affecting broad money and loans.

However, he did concede that while the growth of loans to firms remained strong, it was expected to slow in the near term. Trichet also said that growth of household borrowing had slowed.

Nevertheless, Trichet concluded that further data was needed to assess the true impact of the financial crisis on loans and that uncertainty within financial markets remained high.

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