Lending to euro zone companies slowed last month and a measure of money circulating in the region dipped unexpectedly, data showed on Tuesday, in a fresh sign the euro zone's economic expansion may be losing momentum.

If the slowdown continues, it could prove an obstacle to the European Central Bank as it prepares to wind down its quantitative easing (QE) scheme this year and raise interest rates the next, as signaled by a number of policymakers in recent days.

Buying nearly 2.5 trillion euros ($3.10 trillion) worth of debt in the past three years, the ECB has labored to depress borrowing costs and increase lending, in the hope of rekindling inflation.

But lending to non-financial corporations grew just 3.1 percent in February, slowing from a post-crisis high of 3.4 percent a month earlier, the ECB said in a monthly statement. It followed disappointing business activity and confidence data last week.

“The numbers so far do not change the path towards the end of QE,” said Kenneth Broux, an analyst at Societe Generale. “But I think should the numbers continue to weaken it's going to continue to remove the scope for further tightening.”

Speaking in Helsinki on Tuesday, Finnish central bank governor Erkki Liikanen, considered a centrist on the ECB's Governing Council, also called for caution.

“A gradual tightening of monetary policy will rest on a more solid basis when indications of inflation rates to potentially temporarily exceed two percent become more prominent in inflation expectations,” the Finnish governor said. Lending growth is trending near its best level since the global financial crisis, but it remains below its pre-crisis volume.