2 February 2026

• Firms reported a net tightening in bank loan interest rates and in other loan conditions related to both price and non-price factors.
• Financing needs rose modestly, accompanied by a small perceived decline in availability.
• Inflation expectations were broadly unchanged across horizons, with firms continuing to report upside risks to their long-term inflation outlook.
• The use of artificial intelligence is widespread among euro area firms, though most firms use it very infrequently or moderately.

In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE), covering the fourth quarter of 2025, euro area firms reported a net increase in interest rates on bank loans (net 12%, compared with 2% 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 28% of firms (up from 23% in the previous quarter) observed increases in both other financing costs (i.e….