the annual rate of growth of m3 standing at 5. 1 % in november 2015, after 5. 3 % in october. annual growth in m3 continues to be mainly supported by its most liquid components, with the narrow monetary aggregate m1 growing at an annual rate of 11. 2 % in november, after 11. 8 % in october. loan dynamics continued the path of gradual recovery observed since the beginning of 2014. the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) increased to 0. 9 % in november 2015, up from 0. 6 % in october. developments in loans to enterprises continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non - financial sector balance sheets. the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) increased to 1. 4 % in november, compared with 1. 2 % in october. the bank lending survey for the euro area for the fourth quarter of 2015 points to further improvements in demand for bank loans, supported by the low level of interest rates, financing needs for investment purposes and housing market prospects. credit standards eased further on loans to enterprises, notably owing to increasing competitive pressures in retail banking, and reverted to a net easing on loans to households for house purchase. overall, the monetary policy measures in place since june 2014 have clearly improved borrowing conditions for both firms and households, as well as 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 effectiveness of the monetary policy measures in place and the need to review and possibly reconsider our monetary policy stance at our next meeting in early march in order to secure a return of inflation rates towards levels 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 accom

the exchange rates and the prosperity of the global economy that chairman ben bernanke, treasury secretary tim geithner and president obama underline “ that a strong dollar is in the interest of the us ”. i trust that it is not only true but that it is also very important for the global economic stability. ” which limitation to boni do you favour? “ i ’ m in agreement with the fsb terms of reference which seems to me very appropriate. seen from a central bank perspective, what is decisive is that the boni should not create incentives for taking absurdly high levels of risks that would materialise in a crisis of the type we are experiencing. the main problem, seen from our perspective is to be sure that the structure of remunerations is conducting to sound and wise decisions justified in the medium and long - term. ” are you satisfied with the commission ’ s proposal for the european surveillance system? “ the commission has now presented its proposals to the council, which is under the swedish presidency. as regards the ecb and its general council we stand ready to do all what we can for the european systemic risk board to fulfil its very important systemic responsibilities in the best fashion possible to the service of the european financial stability. ” are you satisfied with the outcome of the g20 meeting in pittsburgh? “ as this stage i would only make three short observations : first, we central banks appreciated that it is said that “ a sense of normalcy should not lead to complacency. ” second, i noted that it is also in the preamble that “ we will prepare our exit strategies and, when the time is right, withdraw our extraordinary policy support (.... ), maintaining a commitment to fiscal responsibility. ” third, it is particularly important that the g20 is designed to be the premier forum for international economic cooperation ; that the imf is asked to play a key role in the multilateral surveillance, that the financial stability board includes major systemic economies, and that the communique welcomes the key measures agreed by the oversight body of the basel committee. ”