is predominantly bank - based. take the structures of private credit outstanding as an example : recourse to banks makes up more than 70 % of non - equity external finance in the euro area. by comparison, in the us the equivalent proportion is only around 30 %. this reflects the fact that the us financial system is primarily market - based. in the euro area, guaranteeing steady access to credit for households and companies largely means preserving the viability of the banking system. banks play such a dominant role in our economy that it was appropriate to focus our non - standard measures on the banking sector. conclusion to conclude, i would like to call your attention to the following points. to start with, we are, for the first time, putting to the test the soundness and resilience of the globalised economy, which has become increasingly integrated over the past fifteen years. we now have to draw, systematically and without complacency, the lessons of the global crisis that we are fighting against. secondly, we have a duty. our duty is to considerably reinforce the resilience of the global financial system and the soundness of the real global economy. we should not allow that, a few years from now, a new crisis would emerge that would be similar to the current one. that would be unforgivable. thirdly, the international community has engaged in drawing all lessons from the crisis. we agree on the method, on the role of the g20, on the role of the financial stability board, and on the role of international financial institutions, in particular the crucial role of the international monetary fund, and also of the bank for international settlements, which during the past years has shown remarkable lucidity in its analysis. as regards the global financial sector, we agree on the broad orientations to follow : to reduce procyclicality, to fight shorttermism, and to impose transparency. fourthly, we are still today in a very difficult and very unpredictable environment. we permanently need to remain alert, and there is no place for complacency. i would have two main messages in that regard. as concerns direct government support to the financial sector, today ’ s priority is “ rapidity of execution. ” decisions that have already been taken should be implemented swiftly. this holds true, in particular, for recapitalisation, as currently only about 55 % of funds earmarked for recapitalisation have been used in the euro area

volumes ] is now approaching the same volumes as the atms [ automated teller machines ], meaning people no longer withdraw cash to pay ; they just make bank - to - bank transfers. it happens very quickly and, in the case of a fast payment system, almost real - time. in 1 / 3 bis - central bankers'speeches addition, we have a system that has replaced physical cheques ; it is called pesonet. we also have a strong campaign, [ called paleng - qr ph plus ] where ordinary vendors and jeepney drivers can be paid using a cellphone. month - on - month data suggest easing inflation pressures now, i will go to most of the questions that have to do with inflation. of course, 2022 was a bad year. the average of the year - on - year inflation was 5. 8 percent, and the last print was 8. 1 percent. in addition, the inflationary expectations of private analysts are unusually higher relative to ours. in other words, there is a risk that inflationary expectations are being disanchored. the good news, of course, is by our own forecast, we should be able to go back to 2. 0 to 4. 0 percent [ inflation ] by the end of the third or fourth quarter [ of 2023 ]. by 2024, we will have inflation very close to the midpoint of our target. the reason we say that is that month - on - month inflation - for the first time - is back to normal [ for december 2022 ], which is our target divided by 12 [ months ]. of course, one month does not make a forecast, but our own models and our own analyses of data show that this is indeed a trend - unless, of course, new supply shocks happen. the point is much of our inflation is due to supply shocks - unfortunately, some are global, some are domestic - and, as the video showed, these are already being addressed through a more relaxed import policy on the things that became more expensive. taking stock of monetary actions to tame inflation what actions have we taken to do this [ bring inflation back to a target - consistent path ]? the answer is : we have been very aggressive [ in terms of tightening monetary policy ]. so, what have we done? as you can see, initially, the peso was depreciating ; it depreciated quite a bit [ in 2022 ]. indeed, by september to