The AMF issued its Economic and Financial Newsletter stating that the correction's effects on employment, access to credit and, by extension, investment and consumption have undermined the shortterm growth prospects in the USA and, to a lesser extent, the euro area. Most US and euro area sentiment indices tumbled in October and November.
In addition, the European Central Bank's Bank Lending Survey and the Federal Reserve's Senior Loan Officer Opinion Survey on Bank Lending Practices showed not only that household and business lending terms were tightened in third-quarter 2007, but also that banks expected this trend to persist over the coming months.
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© Graham Bishop
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