Household lending expanded by 3.3 percent, holding steady at a post-crisis high while corporate lending grew by 3.9 percent, below its post-crisis peak but defying expectations for a slowdown.

With economic growth slowing sharply on weak export demand for manufactured goods, the ECB put plans to normalise policy on hold and even flagged more stimulus, preparing markets for a possible rate cut or the restart of bond purchases.

The annual growth rate of the M3 measure of money supply, which often foreshadows future activity, meanwhile accelerated to 4.8% from 4.7% a month earlier, beating forecasts for 4.6%.