that ’ s why you are making no commitment for 2018. we already have a commitment until the end of 2017, which isn ’ t bad, as this makes it possible to cover a whole year, when there will be many economic risks inside and outside the euro area, as we well know. but it was noted that mario draghi said yesterday that, if necessary, the policy would be eased and liquidity would continue to be provided so as to improve the economy and growth. 1 / 4 bis central bankers'speeches more will be done if necessary, of course, but the diagnosis that was reached yesterday by the governing council is that a little less is necessary today because growth is stronger and europe is doing better. and to make this quite clear, how much will the ecb disburse in, say, 2017? the decision that was taken yesterday is to extend our asset purchases for a further nine months by buying €60 billion per month of various financial instruments, which makes an additional €540 billion euro. that ’ s the decision : we will add €540 billion to the €80 billion per month planned for the first three months of 2017, making €240 billion, so for the whole of 2017 that comes to slightly less than €800 billion extra compared with what we are doing already. and since march 2015? asset purchases today come to around €1. 5 trillion in total, so if we add 1, 500 and 800 it means that, at the end of next year, we ’ ll be at just over €2. 3 trillion. yes, and you realise that with this €2. 3 trillion growth is good, average, but it ’ s not stronger. what would happen without this €2. 3 trillion? well, without it, if the ecb wasn ’ t doing what it ’ s doing, growth would be between 0 % and 1 %, inflation would be close to zero and unemployment wouldn ’ t be falling in the euro area. but as you know, unemployment is now falling fairly quickly in the euro area. it peaked at 13 %, which is very high, at the height of the crisis and now it ’ s at 9. 8 %, so it ’ s below 10 %. the euro area has created 4 million jobs in four years, that ’ s not bad. yes, this morning we have to say “ thank you, ecb ”. the banque de france has just said this morning that it is lowering

kuwait finance house's initiative, in this regard, as the first islamic bank worldwide to possess an economics & investment banking research arm based in malaysia, is a major advancement on this front. the establishment of the research unit will facilitate information sharing amongst the islamic financial institutions and other key stakeholders. the setting up of the research unit provides vital information which can be shared. the promotion of information sharing and exchange of knowledge will encourage better understanding and spur global collaboration among the financial players. through in - depth market knowledge of the financial services industry, it will without doubt spur greater innovation in islamic financial services, leading to cutting - edge products and services. equally important, it is also expected to enhance linkages between the middle east and asian regions, acting as a conduit to promote greater economic integration and encourage deeper intermediation of islamic markets. this further underscores the economic integration of both the middle east and asian regions and further enhances linkages in the new silk road, a manifestation of the thriving global islamic finance market. ladies and gentlemen, on this occasion of the official launch of kuwait finance house research, it is with pleasure that i congratulate kuwait finance house for its forward - looking outlook and commitment to contribute to the success of islamic finance by allocating resources in having a dedicated research entity to drive its islamic banking business forward. it is my hope that kuwait finance house will continue to play a major role in the initiatives to further develop islamic banking both here and in asia. i wish kuwait finance house research every success in its endeavours. in the name of allah, most gracious, most merciful, it now gives me great pleasure in officiating the launch of kuwait finance house research. thank you.