What did ECB really say on April 4?
It’s Not That Simple translates ECB sayings in English.
To a large extent, subdued loan dynamics reflect the current stage of the business cycle, heightened credit risk and the ongoing adjustment of financial and non-financial sector balance sheets. At the same time, available information on non-financial corporates’ access to financing indicates tight credit conditions, particularly for small and medium-sized enterprises in several euro area countries…
To sum up, taking into account today’s decision, the economic analysis indicates that price developments should remain in line with price stability over the medium term.
What they really said
Most of the banks are still in full retreat, and even the few that want to lend can’t find anyone daft enough to borrow when there’s no demand for anything. Everybody’s scared and paying down debts, with the predictable result that basically nobody south of Munich still has a job. But the Germans run the show, so I still have to mention inflation, even though only a true psychopath would really worry about price stability in these circumstances, Jens.
INTS has more colorful ECB translations.
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