ECB Says that Net Tightening of Lending Standards “Halved”

If you asked me, this constitutes good(ish) news: according to the European Central Bank's Q2 2009 bank lending survey (data here ), the number of banks tightening standards is falling across all loan types. The credit crisis in Europe has likely passed... From Q1 2009 to Q2 2009, the diffusion of banks tightening standards dropped off, while demand for lending remains generally quite weak (given the starting point (Q1 2009), green is good news, orange is marginally good news, and red