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(CEP News) Frankfurt - Speaking at a press conference following the European Central Bank's interest rate decision, ECB President Jean-Claude Trichet pointed to data confirming that the underlying rate of money and credit growth remains strong.
Trichet noted that the growth rate of loans to non-financial corporations remained strong despite higher rates, but that household borrowing is slowing. However, the availability of bank credit has not significantly been affected, he said. Trichet also said that while annual M3 growth remains vigorous, the M3 figure overstated the true rate of monetary expansion. By Todd Wailoo,
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, edited by Stephen Huebl,
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