In the euro zone, the annual growth rate of M3 slowed further in September, from a downwardly revised 2.8% Y/Y to 2.7% Y/Y, while the consensus was looking for a slight pick-up to 3.0% Y/Y. More interesting are the lending data, which remain extremely sluggish. The contraction in loans to the private sector accelerated (-0.8% Y/Y from -0.6% Y/Y) due to a monthly decline by €17 billion. Weakness was led by loans to non-financials, which fell by €21 billion in September, leading to a further decline in the annual rate, from -0.7% Y/Y to -1.4% Y/Y. Loans to households dropped by €1 billion in September led by weakness in loans for consumer credit and other lending. Loans for house purchase rose slightly, by €3 billion, but the annual rate of growth slowed from 0.8% Y/Y to 0.7% Y/Y. The data confirm that lending remains very sluggish, which is no surprise in the current uncertain environment, which is discouraging firms and consumers to invest. For now, ECB measures are apparently unable to boost lending, but the data scream for more ECB accommodation.