Analysts at TD Securities note that the ECB released its quarterly bank lending survey for Q2, and the results are a bit softer than we've seen lately with credit conditions tightening for the first time since 2014.

“Expectations for Q3 are still reasonably optimistic, but the tighter credit conditions are just one more factor in favour for further easing from the ECB. From the survey: "According to the July 2019 bank lending survey, credit standards tightened in the second quarter of 2019 for loans to enterprises, marking the end of the net easing period started in 2014, as concerns about the economic outlook and increased risk aversion translated into tighter internal guidelines and loan approval criteria despite favourable funding conditions. Credit standards also tightened for consumer credit, in line with developments in the previous quarter."