Europe: credit and recovery

Europe: From more credit to better credit

BofA Merrill Lynch | The virtuous cycle of credit-capex-growth needs a quantity and quality-driven credit recovery. The latter is lagging behind. The ECB has created the necessary conditions for credit revival. Stronger forward guidance would help to preserve them. UK: there are bright spots of course, but the balance of evidence leads us to cut our 2018 growth forecast to 1.0% from 1.2%.