, each day at work, i see the importance of that passion to carrying out the fed ’ s duties effectively. if there is a job that you feel passionate about, do what you can to pursue that job ; if there is a purpose about which you are passionate, dedicate yourself to that purpose. finally, i hope that you can find joy in the lives you choose. you are completing one important phase of your life today and embarking on an amazing new adventure. serious decisions about life surely lie ahead, but take the time to savor the joys, large and small that come along the way. share those joys with others, and share a laugh when you can. in closing, thank you again, on behalf of myself and the other honorees. thank you for the opportunity to speak to you today. congratulations and good luck to the class of 2014. bis central bankers ’ speeches

and its impact on the euro area economy at its last monetary policy meeting on 10 april, the ecb governing council confirmed that an ample degree of monetary accommodation remains necessary to safeguard favourable financing conditions and support the economic expansion. this will ensure that inflation remains on a sustained path towards levels that are consistent with our inflation aim – a rate of inflation which is below, but close to, 2 % over the medium term. we continue to expect the key ecb interest rates to remain at their present levels at least 1 / 4 bis central bankers'speeches through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation consistent with our inflation aim. the governing council also confirmed its intention to continue reinvesting, in full, the principal payments from maturing securities purchased under the asset purchase programme. this will continue for an extended period of time past the date when we start raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. to preserve favourable bank lending conditions and the smooth transmission of monetary policy, and to support access to financing, in particular for small and medium - sized enterprises, the governing council decided in march to launch a new series of quarterly targeted longer - term refinancing operations ( tltro - iii ). they will start in september 2019 and end in march 2021. significant monetary policy stimulus is thus being provided by our forward guidance on the key ecb interest rates, reinforced by the reinvestments of the sizeable stock of acquired assets and the new series of tltros. the governing council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation continues to move towards our inflation aim in a sustained manner. the benefits of our monetary policy measures have been sizeable and tangible. lending rates for euro area firms and households have declined to historic lows and converged across the region, and growth in bank lending volumes has significantly recovered since the beginning of 2014, thereby supporting investment and job creation. according to today ’ s preliminary flash data release provided by eurostat, there are now 9. 2 million more people in employment in the euro area than there were at the end of 2014, just before the ecb announced its expanded asset purchase programme, and 10. 8 million more than in the second quarter of 2013, when the number of people in work fell to its lowest point during the crisis. completing