But more is required; the unemployed and youth cannot afford to wait. In addition to emergency plans, at least four reforms appear obvious since they have worked for our European neighbours: apprenticeships on a widespread level; simplifications, including in the area of labour law; the development of entrepreneurship; and lastly the decentralisation of social dialogue to the company level, i.e. as close as possible to the economic and human reality. Corporate investment depends first and foremost on the willingness and the confidence of thousands of entrepreneurs, but it must naturally be promoted by financing… and therefore by you. BIS central bankers’ speeches  1  2) This brings me to my wish concerning the smooth financing of the economy, against the backdrop of persistently low interest rates. Monetary policy is proving to be effective: in 18 months, since June 2014 and the announcement of non-standard policies, bank lending rates to business have fallen by around 80 basis points in the euro area, and outstanding bank loans have risen from a negative growth of 2.5% in June 2014 to positive growth of 0.9% in November 2015. According to estimates, including the decisions of 3 December 2014, non-standard policies improve the growth outlook for the euro area by 1% between 2015 and 2017, and that of inflation by 0.5 percentage point in 2016 and 0.3 percentage point in 2017. Bank lending must therefore remain accessible. In this respect, French banks have achieved good results.

The federal banking agencies, for example, made clear that lenders and servicers should adhere to consumer protection requirements, including fair lending laws, and provide the opportunity for all borrowers to benefit from these arrangements.8 The federal banking agencies have confirmed that in the context of the Community Reinvestment Act, they willl favorably consider retail banking services and retail lending activities in a financial institution's assessment areas that are responsive to the needs of low- and moderate-income individuals, small businesses, and small farms affected by COVID-19 consistent with safe and sound banking practices.9 This includes, for example, waiving certain fees, easing restrictions on check-cashing, expanding availability of credit, providing alternative service options, and offering alternative payment options. Prudent efforts to modify terms on new or existing loans will receive favorable CRA consideration. In addition, financial institutions will receive CRA consideration for community development activities, e.g., activities that help to revitalize or stabilize low- or moderate-income geographies such as support for food services and digital access, as well as lending, investment and service activities that support health care and small businesses, particularly for low- and moderate-income individuals or communities. In terms of supervisory focus, the Fed has prioritized monitoring to evaluate the impact on consumers to ensure that banks work in good faith with consumers, apply fair treatment and mitigate consumer harm. We are monitoring consumer loan deferrals and modifications and corresponding servicing activities to ensure banks' responsiveness.