flows to emerging markets, resulting from the highly accommodative monetary policies in advanced economies and the prospective exit from highly accommodative monetary policies. and we exchanged views on the policy responses in emerging markets. in our discussions on the lessons from the euro area crisis we recognised the different approaches to regional integration in asia and the euro area, for example, as regards objectives and the underlying institutions of cooperation and decision - making. a key lesson from our crisis is that institutions must take into account the degree of regional integration. in the euro area, we have made big advances in strengthening the institutional framework of our economic and monetary union – with the banking union being the most important one. we have also seen significant progress as stressed countries have adjusted their policies at the national level. but there is no room for complacency. policy efforts both at the national and the european level need to be sustained. we also exchanged views on the need for bis central bankers ’ speeches regional financial safety nets when regional financial integration is high. both regions have mechanisms in place, namely the european stability mechanism and the chiang mai initiative multilateralization, although they differ in terms of design and instruments. bis central bankers ’ speeches

credit creation, notwithstanding a recent moderation in credit dynamics. the narrow monetary aggregate m1 remained the main contributor to broad money growth. the annual growth rate of loans to non - financial corporations rebounded to 3. 7 % in february 2019, from 3. 4 % in january, reflecting mainly a base effect. looking through short - term volatility, the annual growth rate of loans to non - financial corporations has moderated in recent months, reflecting the typical lagged reaction to the slowdown in economic growth. at the same time, the annual growth rate of loans to households remained broadly unchanged at 3. 3 % in february. the euro area bank lending survey for the first quarter of 2019 suggests that overall bank lending conditions remained favourable. our monetary policy measures, including the new series of tltros that we announced in march, will help to safeguard favourable bank lending conditions and will continue to support access to financing, in particular for small and medium - sized enterprises. 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 still necessary for the continued sustained convergence of inflation to levels that are below, but close to, 2 % over the medium term. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively to raising the longer - term growth potential and reducing vulnerabilities. the implementation of structural reforms in euro area countries needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost euro area productivity and growth potential. regarding fiscal policies, the mildly expansionary euro area fiscal stance and the operation of automatic stabilisers are providing support to economic activity. at the same time, countries where government debt is high need to continue rebuilding fiscal buffers. all countries should reinforce their efforts to achieve a more growth - friendly composition of public finances. likewise, the transparent and consistent implementation of the european union ’ s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. improving the functioning of economic and monetary union remains a priority. the governing council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. we are now at your disposal for questions. 2 / 2 bis central bankers'speeches