, if that gave a sense of stability and security to economic actors, that would certainly be good news in that picture. that 2 % inflation target is really the encore for the whole recovery process in the euro area. it is very important that it comes as quickly as possible. but is there potentially a faster rebound out here because of what ’ s happening in the oil price? i mean if anybody ’ s taking a short euro position on expectations of continued deflationary pressure from low energy prices, should they be reviewing that position and thinking hard as to whether they want to take that chance? bis central bankers ’ speeches well, it ’ s not going to change the growth outcome, the growth outlook much, but if it [ a rise in the oil price ] can bring inflation expectations in line with 2 % sooner, that would certainly be a positive factor for the whole recovery process. just one final question. we are talking about how europe gets its mojo back, if you like, its swagger. do you think credit availability and bank lending now are on a clear upward trajectory from here? any reason to be concerned at all that the credit taps are starting to get turned off? no, the credit taps are clearly open everywhere in the euro area, and what we have done at the ecb has been very helpful. it is really finding its way to the end of the pipeline, that is to the corporations. funding costs for non - financial corporations have decreased by 75 basis points over the last year, so there ’ s no financial obstacle to recovery. the obstacles are elsewhere. it ’ s really about confidence coming back and animal spirits coming back. bis central bankers ’ speeches

of the estonian banking sector is currently above 22 %. the capitalisation of the subsidiaries of the banks operating in estonia is absolutely sufficient to cope with loan losses markedly bigger than the current estimated 2 % level without including additional capital. the credibility of the banks operating in estonia is thus not threatened by a possible increase in the share of so - called bad loans in the loan portfolio in the course of this year compared to the current 5. 2 %. the integration of the banking system with the scandinavian and european markets, which is one of the most important factors supporting stabilisation, is another issue. the banking groups operating in estonia are able to manage capital and liquidity in a flexible way at group level. the integration of the banking system consists in the readiness of banking groups to promptly channel money flows to various subsidiaries and branches according to need. the integration of banking is supported by cooperation in the nordic - baltic region. i am convinced the daily information exchange and cooperation agreements of our region set an example of ensuring financial stability for the entire european union. in the final months of 2008, sweden initiated support schemes, which have had a very positive impact on banking groups as a whole, i. e., national support measures have been implemented from group level also on subsidiaries and branches. in this context, estonia has in the eu actively supported the principle that the implementation of rescue packages must not discriminate against other member states. 2009 economic policy priorities in estonia now i would like to say a few words about the current monetary and economic policy situation and the most important priorities for 2009. by now it is clear that the estonian enterprises and households have thoroughly changed their behaviour and expectations over the past half a year. in this respect, a big part of the adjustment process has already taken place and estonia's primary macro vulnerabilities have considerably decreased. the current account, i. e., the difference between investment and savings, has practically balanced and the financing of the economy's current expenditure is ensured by current income. in addition, estonia has no problems with financing its external debt. companies and people in estonia have taken serious steps to pave way for getting through the global crisis and recovering growth. therefore, the state needs to implement some important macro - level objectives to support the recovery of economic growth. here i mean, above all, the readiness to join the euro area as well as medium - term and long - term stability of fiscal policy. in the current situation, accession to the euro area