standardised securitisation you are discussing are tangible examples of how eu legislation can broaden financing opportunities for eu companies, foster cross - border investment and ultimately have a positive impact on the eu investment outlook. at national level, reforms to improve business framework conditions and reduce regulatory and administrative bottlenecks also need to be further pursued. it is the whole institutional framework that helps to transform financial resources into productive investments, which, in turn, increase productivity and, ultimately, create jobs. inefficient public procurement, taxation systems, judicial systems and insolvency frameworks, identified in some countries, need to be fully addressed. country - specific recommendations can be a powerful tool to identify and address barriers to investment in individual countries. moreover, those countries where public finances allow, should undertake public investment in areas conducive to growth. regarding other countries, let me mention that long - term investment benefits from stability - oriented macroeconomic policies. finally, investors need certainty regarding the economic and institutional environment in which they will operate. this is also one of the reasons why, almost one year ago, the five presidents ’ report set out a plan for strengthening europe ’ s economic and monetary union ( emu ). conclusions allow me to conclude. looking ahead, we expect the economic recovery to proceed at a moderate but steady pace. nevertheless, for this recovery to be consolidated, our efforts should now concentrate on strong policy action to improve the business environment, favour investment and raise productivity. delivering on these objectives will not only create the conditions for inflation to accelerate its return to levels below, but close to, 2 %. it will also make a major contribution to improving the standard of living of the people of europe. citizens and markets need to be sure about our capacity to take on the common challenges we face. our focus should be on making our common home, europe, stronger. thank you for your attention. i am now at your disposal for questions. bis central bankers ’ speeches

from the measures that are still at an early stage of implementation. at the same time, uncertainty remains high and downside risks are still significant due to the continued fragile state of the global economy and geopolitical developments. we will closely monitor the evolution of the outlook for price stability. we stand ready to act by using all the instruments available within our mandate, if necessary, to achieve our objective. in particular, the ecb is ready for all contingencies following the uk ’ s eu referendum. investment in the euro area after the sharp downturn observed during the financial crisis in 2008 and the renewed decline during the european sovereign debt crisis, real investment in the euro area has now begun to recover. in particular, business investment has undergone a welcome recovery since 2013 and public and housing investment have recently broadly stabilised. despite these positive trends, the current level of investment is still unsatisfactory. the level of total real investment in the euro area remains more than 10 % below pre - crisis levels. therefore, further action is needed, including at eu level. the investment plan for europe is a welcome example. while we would support extending it beyond 2018, the success of the current plan also rests on its capacity to improve the investment environment, at both european and national level. only reforms in this area can guarantee its long - term effects. at eu level – and here the european parliament has an important role to play as colegislator – we should further deepen the single market, notably in the areas of energy, transport and the digital economy. we should also make full use of the potential of existing single market legislation by ensuring its complete and consistent enforcement. strengthening the european dimension of regulatory enforcement would help to lessen complexity, enhance the level playing field and reduce the fragmentation of product markets. in addition, we should act decisively to make the channelling of savings into productive investment more efficient. the banking union, including the ecb in its micro - and bis central bankers ’ speeches macroprudential role, has an important role to play in ensuring that banking markets efficiently allocate resources to the most productive investment opportunities across the euro area. progress on the capital markets union is also essential to develop a favourable environment for productive investment in the eu. it will help diversify the sources of funding needed to spur investment – notably for smes and long - term projects – by complementing bank financing with deeper, more developed capital markets. the legislative acts regarding simple, transparent and