, on the basis of current futures prices for oil, headline inflation is likely to remain around current levels in the coming months. in these conditions, we can be more assured about the return of inflation to our objective than we were a few years ago. at the same time, measures of underlying inflation remain low and have yet to show convincing signs of a pick - up, as domestic cost pressures, including wage growth, are still subdued : although compensation per hour worked is rising, compensation per employee remains flat. this divergence goes back, at least in part, to the increased fragmentation of labour time. in the labour market technological advance, in particular the use of the internet allows for more services being offered with less intermediation at lower prices. underlying inflation in the euro area is expected to rise only gradually over the medium term, supported by our monetary policy measures, the continuing economic expansion and the corresponding gradual absorption of economic slack. also broad money ( m3 ) continues to expand at a robust pace, with an annual rate of growth of 1 / 2 bis central bankers'speeches 5. 0 % in may 2017, after 4. 9 % in april. as in previous months, annual growth in m3 was mainly supported by its most liquid components, with the narrow monetary aggregate m1 expanding at an annual rate of 9. 3 % in may 2017, unchanged from april. 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 remained stable at 2. 4 % in may 2017, while the annual growth rate of loans to households increased to 2. 6 %, from 2. 4 % in april. the euro area bank lending survey for the second quarter of 2017 indicates that credit standards for loans to enterprises and loans to households for house purchase have further eased and that loan growth continues to be supported by increasing demand. the passthrough of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households and credit flows across the euro area. the cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for a continued very substantial 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 vuln

eddie yue : opening remarks - hong kong academy of finance 5th anniversary and financial leaders programme graduation ceremony opening remarks by mr eddie yue, chief executive of the hong kong monetary authority, at the hong kong academy of finance 5th anniversary and financial leaders programme graduation ceremony, hong kong, 13 december 2024. * * * a very warm welcome to all of you for joining us today to commemorate the 5th anniversary of the hong kong academy of finance ( aof ) and the 3rd financial leaders programme graduation ceremony. back in 2018, with the financial industry becoming increasingly globalised and complex, the financial secretary tasked the hong kong monetary authority ( hkma ) to commission an experts group to consider how to further enhance hong kong's " soft power " as an international financial centre ( ifc ). the experts group concluded that cultivating this " soft power " in practice required a robust talent pool in leadership ranks and a strong local research base to further elevate hong kong's competitiveness and profile as an ifc on the global stage. with this in mind, the aof was established in 2019 as a collaboration among the four financial regulators in hong kong, namely the hkma, the securities and futures commission, the insurance authority, and the mandatory provident fund schemes authority. the mission of the aof was twofold : ( i ) to serve as a centre of excellence for developing financial leadership ; and ( ii ) to act as a repository of knowledge in monetary and financial research, including applied research. three aof fellows – norman [ chan, senior adviser of the hong kong academy of finance ], moses [ cheng, non - official member of the executive council ], and tony [ neoh, co - chairman, the asian academy of international law ] – who played a significant role in conceptualising the idea of the aof, are here with us today, and will share their insights on the aof's progress in achieving its strategic objectives in a panel session later. before that, let me first share a few observations. in fact, the aof was born during a rather testing time back five years ago. right after its launch, hong kong faced a series of challenges from social unrest to the global pandemic. but through these adversities, the aof managed to stay nimble and innovative, and still succeeded in making meaningful progress across several key areas. firstly, the aof has built up a strong and diverse membership base comprising nearly 400 senior executives from across the financial