It's worth noting that while household lending slowed, lending to European companies slightly improved, up 1.2 percent year-on-year in April, compared to 1.1 percent in March. Meanwhile, the area's jobless rate came in flat at 10.2 percent for April, as unemployment dropped by 63,000.
"April's euro-zone monetary data suggest that economic growth remains fairly slow. While the full effects of the ECB's expanded stimulus measures will not yet have been felt, we doubt that they will boost money and lending growth significantly," analysts at Capital Economics said in research note following the data release.
Meanwhile, Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, seemed relatively optimistic about inflation prospects in the months ahead in light of recovering oil prices.
"Overall, inflation pressures in the euro zone remain weak, but that will change soon as the year-over-year rate in energy prices normalizes," Vistesen said in an analyst note.
"The ECB, and investors, know this will happen but we still think markets and the central bank could get caught off-guard by the speed of normalization, even if the 2 percent 'target' remains elusive," Vistesen added.