Prepared by Katalin Bodnr, Davide Fantino, Sara Lamboglia and Laura Lebastard The Survey on the Access to Finance of Enterprises (SAFE) in the euro area for the second quarter of 2026 sheds light on the exposure of firms to the conflict in the Middle East, its impact on their expectations, and their coping strategies. [ 1 ] Building on earlier analysis based on the survey for the first quarter of 2026 , which revealed a significant shift in expectations among firms surveyed after the outbreak of hostilities in the Middle East on 28 February 2026 , ad hoc questions included in the wave for the second quarter provide further evidence on how the conflict is affecting euro area firms.
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