october, up from 0. 1 % in september. despite these improvements, developments in loans to enterprises continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and bis central bankers ’ speeches non - financial sector balance sheets. the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) increased to 1. 2 % in october, compared with 1. 1 % in september. overall, the monetary policy measures in place since june 2014 have clearly improved borrowing conditions for both firms and households and credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for further monetary stimulus in order to secure a return of inflation rates towards levels that are below, but close to, 2 %. monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. however, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively. given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies. in particular, actions to improve the business environment, including the provision of an adequate public infrastructure, are vital to increase productive investment, boost job creation and raise productivity. the swift and effective implementation of structural reforms, in an environment of accommodative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes and accelerate the beneficial effects of reforms, thereby making the euro area more resilient to global shocks. fiscal policies should support the economic recovery, while remaining in compliance with the fiscal rules of the european union. full and consistent implementation of the stability and growth pact is crucial for confidence in our fiscal framework. at the same time, all countries should strive for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches

be 1. 3 % per annum, which is half of what was registered during the period 2000 to 2008. the emerging economies, in general, and the asian region in particular, have emerged with stronger growth. several key factors have enabled this faster and stronger rebound. firstly, is the policy flexibility to implement the monetary and fiscal stimulus. strong fiscal positions and relatively low public debt levels have allowed many asian governments to implement larger fiscal stimulus measures. second, the financial sector in the region is in good shape, avoiding any disruption of credit flows to the private sector. the region has benefited from the decade long of financial reforms and development of the domestic financial infrastructure. the financial systems in asia have remained resilient throughout this global financial turmoil. this will be an important factor in sustaining the economic recovery to support domestic private sector economic activity when the fiscal measures are gradually withdrawn. third, households and the corporate sectors are not over - leveraged, and thus better positioned to sustain consumption and investment activity. fourth, increased intra - regional trade in asia has supported the recovery in regional trade activity. this has been reinforced by the strengthening of the domestic demand in the region. while domestic sources of growth have gained significance, trade will continue to be important but with a distinct change in the pattern of trade. trade among the emerging economies has already increased, with this trend being most evident among the emerging economies in asia. intra - regional trade in asia has already risen from 32 % of total exports in 1995 to an average of 50 % in 2008. rapid trade liberalisation across asia has improved market access. rising incomes in the asian region where more than half of the world population resides has generated a huge cumulative market. this increase in consumption demand has led to the development of an extensive modern retail sector across the region. supported by stronger economic fundamentals, emerging economies are expected to grow at higher rates over the next five years compared to the period prior to the crisis in 2000 to 2008. the imf projects that emerging economies in latin america, the middle east, africa and asia will, on the average, grow by 6. 1 % in the period 2010 – 2014, higher than compared to the period 2000 – 2009. asia ’ s prospects during this period will be sustained by several structural factors. first, asia has a favourable demographic structure with a relatively young population with a higher propensity to consume. the high savings rate in asia also allows for higher consumption demand with more than adequate surplus to finance the required investments activity.