27 April 2026

• Firms reported further net tightening of bank loan interest rates and other loan conditions related to price and non-price factors.
• Financing needs remained stable, but availability of bank loans deteriorated marginally.
• Firms expected stronger increases in selling prices and non-labour input costs, whereas wage expectations moderated slightly.
• Short-term inflation expectations increased markedly, with medium-term inflation expectations remaining stable.

In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE), covering the first quarter of 2026, euro area firms reported a net increase in interest rates on bank loans (net 26%, compared with 12% in the previous quarter). A similar increase was observed by both small and medium-sized enterprises (SMEs) and large firms. At the same time, a net 37% of firms (up from 28% in the previous quarter) observed further increases both in other financing costs (i.e. charges, fees and commissions) and in…