West Bromwich Albion boss Roberto di Matteo says the European transfer market is yet to kick into action.
Di Matteo says it is unlikely any deals for new signings will be concluded before the end of this week's training camp - and he suggests that is symptomatic of the market.
"It is pretty quiet all over Europe," Di Matteo told the WBA website. "I have spoken to a lot of people and there are not many deals being done.
"A lot of the deals are loans - there haven't been many transfers.
"I still think there will be more deals.
"It's just slower and calmer than it used to be."