of legislative packages adopted during the crisis. first, the review of the six - pack and of the two - pack will allow stock to be taken of what has been achieved and to identify gaps in the emu architecture that still need to be filled. i trust that with its european perspective, the european parliament will ensure that this review will consolidate those achievements that have proven successful, while at the same time strengthening the governance framework in those areas where there is room for improvement. second, the review of the european system of financial supervisors may enable us to cater to new realities. three years ago the creation of the european supervisory authorities and of the european systemic risk board certainly constituted the right step at the right time. this upcoming review could be an opportune moment to reflect on how to fine - tune the regulatory and supervisory landscape in europe to account for the changes brought about by the establishment of the ssm. bis central bankers ’ speeches honourable members, i understand that today is the last meeting of your committee in this legislature. let me take the opportunity to thank all of you for the very constructive relationship that we have established over the past five years. i am now at your disposal for questions. bis central bankers ’ speeches

25 % for the main refinancing rate, 0. 00 % for the rate on the deposit facility and 0. 75 % for the rate on the marginal lending facility. we also extended our pledge to guarantee full liquidity provision at a fixed rate to our counterparties against eligible collateral for as long as needed and at least until july 2015. we are resolute in our determination to maintain a high degree of monetary accommodation, given expectations of a prolonged period of low inflation, to be followed by a gradual upward movement towards levels closer to 2 %. we are ready to act swiftly if needed, and the governing council has stated unanimously its “ commitment to using also unconventional instruments within our mandate to cope effectively with the risks of a too prolonged period of low inflation. ” key developments towards banking union by putting in place and finalising legislative and practical steps towards banking union, 2013 marked a quantum leap in european integration. today, not even two years after the eu heads of state or government committed to build a genuine banking union, the two cornerstones of this ambitious project – the single supervision mechanism ( ssm ) and the single resolution mechanism ( srm ) – are in place. the ssm will create genuine european supervision, requiring the ecb to take responsibility for ensuring that the european banking sector is sound and safe. in the process of establishing the ssm, we need to further restore the health of the banking sector and confidence in it, thereby creating the conditions for a revival of credit provision to the real economy. the ecb ’ s comprehensive assessment is designed for this purpose. at the ecb, we are very conscious of the huge responsibility that we have been asked to shoulder, and this exercise will be executed in a credible and consistent manner. let me assure you that we will under no circumstances compromise the rigour of the comprehensive assessment. as regards the srm, we welcome the political agreement that was reached on 20 march 2014. the intense negotiations between the co - legislators produced an srm that is more efficient, more credible and more european. the european parliament undoubtedly played a decisive role in achieving this outcome. let me highlight three aspects of the agreement that the ecb deems particularly important. first, we had insisted all along on the need for adequate funding for the single resolution bis central bankers ’ speeches fund ( srf ). we therefore welcome the fact that the srf will be mutualised faster and that the pace of mutualisation will be significantly frontloaded. taken together