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  • The ECB BLS showed banks tightened lending standards in Q3, boding ill for capex and spending… 
  • ...But these downbeat messages can safely be ignored, given other survey data. 
  • The first business survey for Italy for October suggests growth there is picking up, as in Germany.

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Keywords for: 29 October 2025 Eurozone Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence