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The pace of credit growth to households and businesses in the eurozone fell back a little in February.

Monthly money supply data from the European Central Bank revealed the annual rate of loan growth to consumers rose by 4.3 per cent last month compared to February 2016, down from 4.6 per cent in January.

Low interest rates and stimulus measures have helped bolster credit growth in the eurozone over the last two years, being hailed as one of the biggest successes from the ECB’s accommodative monetary policy.

But the most recent figures suggest some of the shine on the continent’s steady recovery could be coming off even as inflation has hit a four-year high in February.

A measure of money supply growth, known as M1, was unchanged at 8.4 per cent, while a broader measure known as M3, slipped back to 5.4 per cent growth from 5.5 per cent.

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