of a threat than a benefit. they fear that it will lead to a uniform banking sector, which leaves no room for diversity – either for banks, or in terms of supervision and regulation. well, we do aim to achieve a level playing field. but we do not seek to flatten the landscape. we do take into account country - specific circumstances that warrant specific supervisory treatment. and this is the case not only when we act as macroprudential overseers, but also when we act as microprudential supervisors, in particular when we assess the business models of banks. here, we are even bound by law to “ have full regard to the different types, business models and sizes of credit institutions ”. 1 we understand the value of diversity, and for good reason. imagine that all banks had the same uniform business model. what would that do to innovation? what would happen to progress? and, equally importantly, what would it mean for financial stability? if all banks had the same business model they would all be exposed to similar risks. if that model was faulty, or were to be hit by an external shock, all banks would suffer. so, as any risk manager will tell you : diversification pays off. for that reason, we value diversity and account for it. we follow the principle of “ same risks, same rules, same supervision ” – which also means that different risks have to be treated differently – and we take a proportionate approach to supervising banks. so, the banking union is not at all about centralising power or doing away with diversity. the banking union is a joint project, and it follows the motto of the eu : united in diversity, or forenet i mangfoldighed as you would say in danish. conclusion ladies and gentlemen, i would like to end by coming back to the concept of hygge. according to the cambridge dictionary, hygge describes a quality of cosiness. it ’ s about feeling warm, comfortable and safe. isn ’ t europe also a bit hyggelig, then? isn ’ t it also about being together? isn ’ t it also about feeling comfortable and safe? from my point of view, there is much that speaks for a closer european union. and the banking union is all about helping europe to grow closer together. it helps to make the single market more single ; it contributes to safer and sounder banks by making them more resilient ; and it helps

october. the recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding. the annual growth rate of loans to non - financial corporations increased to 3. 1 % in november 2017, after 2. 9 % in october, while the annual growth rate of loans to households stood at 2. 8 % in november, compared with 2. 7 % in october. the euro area bank lending survey for the fourth quarter of 2017 indicates that loan growth continues to be supported by increasing demand and a further easing in overall lending conditions. the pass - through of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households, access to financing ‒ notably for small and medium - sized enterprises ‒ and credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for an ample degree of monetary accommodation to secure a sustained return of inflation rates towards levels that are below, but close to, 2 %. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively to strengthening the longer - term growth potential and reducing vulnerabilities. the implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential. regarding fiscal policies, the increasingly solid and broad - based expansion strengthens the case for rebuilding fiscal buffers. this is particularly important in countries where government debt remains high. all countries would benefit from intensifying efforts towards achieving a more growth - friendly composition of public finances. a full, transparent and consistent implementation of the stability and growth pact and of the macroeconomic imbalance procedure over time and across countries remains essential to increase the resilience of the euro area economy. strengthening economic and monetary union remains a priority. the governing council welcomes the ongoing discussions on completing the banking union and the capital markets union, and on further deepening economic and monetary union. we are now at your disposal for questions. 2 / 2 bis central bankers'speeches