Historic bond buying by European banks kept up again in February. The two-month binge is only surpassed by April and May 2020.  At the same time, no lending to speak of, banks being totally defensive despite rate cuts. The implications are enormous given the background for 2025. 

Eurodollar University's Money & Macro Analysis

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ECB The euro area bank lending survey - Fourth quarter of 2024
https://www.ecb.europa.eu/stats/ecb_surveys/bank_lending_survey/html/ecb.blssurvey2024q4~e1ddae0f19.en.html

ECB Past Macroeconomic Projections
https://www.ecb.europa.eu/mopo/devel/ecana/html/table.en.html

ECB Using corporate earnings calls to forecast euro area labour demand
https://www.ecb.europa.eu/press/economic-bulletin/focus/2025/html/ecb.ebbox202502_04~3283f1bc62.en.html

Bloomberg ECB’s Escriva Says Downside Risks Are Outweighing Upside Risks
https://www.bloomberg.com/news/articles/2025-03-24/ecb-s-escriva-says-downside-risks-are-outweighing-upside-risks

Bloomberg ECB Rate Cuts Are Neither Finished Nor Automatic, Villeroy Says
https://www.bloomberg.com/news/articles/2025-03-25/ecb-rate-cuts-are-neither-finished-nor-automatic-villeroy-says

Bloomberg Stournaras Says Everything Points to April ECB Cut: Econostream
https://www.bloomberg.com/news/articles/2025-03-21/stournaras-says-everything-points-to-april-ecb-cut-econostream

Bloomberg Lagarde Says Uncertainty Means ECB Can’t Commit on Rates
https://www.bloomberg.com/news/articles/2025-03-20/lagarde-says-rising-uncertainty-means-ecb-can-t-commit-on-rates

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