The European Central Bank in its latest Monthly Bulletin notes a slower underlying pace of monetary expansion and low inflationary pressures over the medium term.

The report points to data which show a continued deceleration in both broad money and credit growth. The report notes that in July, the annual growth rates of M3 and loans to the private sector declined further to 3% and 0.6% respectively, their lowest level since 1999. The report also states that an appropriate restructuring and