has also proved very important in the crisis : we have avoided the materialisation of deflationary risks thanks to this solid anchoring. ” q. what are the lessons learned from the last five years? a. “ global finance was much too fragile. the lack of resilience has been paid dearly. taking into account the interplay between the financial sector and the real economy, we saw that the system as a whole, financial and non - financial, was extraordinary fragile. we have to improve everything in the system. and we should not exclude anything from the review we have embarked on. private sector of course, where the responsibilities are obvious and large. public sector as well, we have to improve the rules and regulations, the standards and codes, the prudential regulations, the accounting rules, the auditing and i would not exclude the improvements in the institutional framework, in particular on both sides of the atlantic. ” q. do you think bankers have learned their lessons? a. “ they have to understand very clearly that all that we ’ ve been doing, central banks – in the form of non - standard measures – as well as governments, has not been done for their ‘ beaux yeux ’, but it has been done to avoid the collapse of the financial system in order to avoid a depression of the real economy. a lot of taxpayers ’ money from the government is at stake, in order to permit the bankers to continue to do their job. their job is to finance the real economy in the best fashion possible. it ’ s a clear message. on bonuses, we expect all financial institutions to apply the rules that have been worked out by the financial stability board. on top of that i would say it is not only a question of rules and regulations but an issue of values. the financial sector must understand that it has to respect values that are acceptable by the society at large. your country, influenced by calvinism. is particularly attached to these values of measure and moderation. ” q. do you think the economic recovery came so soon it might stop politicians taking bold restructuring measures? a. “ no, taking into account in particular the situation of unemployment, i wouldn ’ t say the recovery comes too soon. that being said, this is no time for complacency. the future is not written. it will depend on our capacity to engage resolutely in structural reforms, to draw all the lessons from the present crisis, without accepting any taboos

( tltro iii ), should encourage banks to extend loans to all private sector entities. together with the measures adopted by national governments and european institutions, they support ongoing access to financing, including for those most affected by the ramifications of the coronavirus pandemic. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is necessary for the robust convergence of inflation to levels that are below, but close to, 2 % over the medium term. regarding fiscal policies, an ambitious and coordinated fiscal stance remains critical, in view of the sharp contraction in the euro area economy. measures taken should as much as possible be targeted and temporary in nature in response to the pandemic emergency. the three safety nets endorsed by the european council for workers, businesses and sovereigns, amounting to a package worth €540 billion, provide important funding support in this context. at the same time, the governing council urges further strong and timely efforts to prepare and support the recovery. we therefore strongly welcome the european commission ’ s proposal for a recovery plan dedicated to supporting the regions and sectors most severely hit by the pandemic, to strengthening the single market and to building a lasting and prosperous recovery. we are now ready to take your questions. 3 / 3 bis central bankers'speeches