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Lending to euro-area consumers resumed its pre-pandemic trend, supporting a recovery that’s increasingly driven by private spending. By contrast, credit growth to companies slowed further in July after spiraling last year when lockdowns paralyzed the economy and eroded income, ECB data showed Thursday. With lending an early indicator for investment, this trend could become a reason for concern if it persists into 2022, according to ING’s Carsten Brzeski.

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