The ECB recognises that "tight credit conditions" remain for many companies.

BBC: Europe: a cautious rate cut

September's retail figures reinforce the position that consumers will keep cutting back on spending as jobs continue to vanish, credit stays tight, housing stays down and broader macroeconomic conditions remain difficult, despite the recent drops in food and energy prices.

FORBES: Market Scan

"Global economic conditions are improving but remain fragile, " he said, pointing to weak labor markets, tight credit, and depressed consumer spending.

FORBES: Detroit