economy. purchases under the new programme will start towards the end of the second quarter of this year. fourth, we decided to launch a new series of four targeted longer - term refinancing operations ( tltro ii ), starting in june 2016, each with a maturity of four years. these new operations will reinforce the ecb ’ s accommodative monetary policy stance and will strengthen the transmission of monetary policy by further incentivising bank lending to the real economy. counterparties will be entitled to borrow up to 30 % of the stock of eligible loans as at 31 january 2016. the interest rate under tltro ii will be fixed over the life of each operation, at the rate on the eurosystem ’ s main refinancing operations prevailing at the time of take - up. for banks whose net lending exceeds a benchmark, the rate applied to the tltro ii will be lower, and can be as low as the interest rate on the deposit facility prevailing at the time of take - up. there will be no requirement for mandatory early repayments under tltro ii, and switches from tltro i will be allowed. finally, looking ahead, taking into account the current outlook for price stability, the governing council expects the key ecb interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases. bis central bankers ’ speeches separate press releases with further details of the measures taken by the governing council will be published this afternoon at 15 : 30 cet. adding to the measures taken since june 2014, with today ’ s comprehensive package of monetary policy decisions we are providing substantial monetary stimulus to counteract heightened risks to the ecb ’ s price stability objective. while very low or even negative inflation rates are unavoidable over the next few months, as a result of movements in oil prices, it is crucial to avoid second - round effects by securing the return of inflation to levels below, but close to, 2 % without undue delay. the governing council will continue to monitor very closely the evolution of the outlook for price stability over the period ahead. let me now explain our assessment in greater detail, starting with the economic analysis. euro area real gdp growth was confirmed at 0. 3 %, quarter on quarter, in the fourth quarter of 2015, supported by domestic demand, while being dampened by a negative contribution from net exports. the most recent survey data

, the outlook for hicp inflation has been revised down, mainly reflecting the fall in oil prices over recent months. turning to the monetary analysis, recent data confirm solid growth in broad money ( m3 ), with the annual rate of growth of m3 standing at 5. 0 % in january 2016, after 4. 7 % in december 2015. annual growth in m3 continues to be mainly supported by its most liquid components, with the narrow monetary aggregate m1 growing at an annual rate of 10. 5 % in january, after 10. 8 % in december. bis central bankers ’ speeches loan dynamics continued the path of gradual recovery observed since the beginning of 2014. the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) increased to 0. 6 % in january 2016, up from 0. 1 % in december 2015. developments in loans to enterprises continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non - financial sector balance sheets. the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) remained stable at 1. 4 % in january 2016. overall, the monetary policy measures in place since june 2014 have clearly improved borrowing conditions for firms and households, as well as 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 further monetary stimulus in order to secure a return of inflation rates towards levels that are below, but close to, 2 % without undue delay. monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. however, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively. given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies. in particular, actions to raise productivity and improve the business environment, including the provision of an adequate public infrastructure, are vital to increase investment and boost job creation. the swift and effective implementation of structural reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also make the euro area more resilient to global shocks. as indicated by the european commission, the implementation of country - specific recommendations continued to be fairly limited in