Survey on Access to Finance for Euro Area Enterprises

This report is a technical document presenting the main results of the 38th round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, conducted between February 19 and April 1, 2026. It includes responses from 10,544 firms across the 12 largest euro area countries, focusing on economic and financing developments. The findings indicate a tightening of bank financing conditions, with a net 26% of firms reporting increased interest rates on loans. The report details that firms' financing needs remained unchanged while the availability of loans slightly decreased, resulting in a positive financing gap. Additionally, firms expressed concerns regarding the general economic outlook, which they perceive as constraining external financing availability. The report also highlights trends in investment and turnover, noting a modest increase in investment expectations for the second quarter of 2026, despite a decline in profits reported by a net 16% of firms. The document further discusses the impact of external factors, such as the war in the Middle East, on firms' economic expectations.