MNI BRIEF: Bank Lending Data Still Weak - De Guindos

Eurozone bank lending has seen a very small upturn at the margins, but overall remains weak, European Central Bank Vice President Luis de Guindos said on Wednesday.

The ECB's Bank Lending Survey, expected just two days ahead of its July meeting, will be an important data point for the Governing Council and will likely underline that the cumulative 450 basis points of tightening since July 2022 are still offering some restriction to monetary policy, de Guindos told an MNI Connect livestreamed event.

De Guindos did not quantify the degree of monetary policy restrictiveness but said he believes the direction of travel for monetary policy is now clear. (See MNI SOURCES: September Rate Cut In Sight For ECB)