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

##r. unlike banks, these market participants often do not have access to central bank operations. were the transmission across money market rates to weaken, or rates to decouple from policy intentions, this could have implications for monetary policy implementation in the future. understanding the changing forces that affect money market activity is essential for policy makers. to foster an improved understanding of recent trends in money markets, this conference brings together some of the best academics, central bankers and practitioners. i look forward to many insightful discussions over the next two days. thank you very much for your attention. https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201123 ~ 8d9573b1b1. en. html 5 / 7 24 / 11 / 2020 shifting tides in euro area money markets : from the global financial crisis to the covid - 19 pandemic [ 1 ] i would like to thank marie hoerova for her contributions to this speech. [ 2 ] this speech builds on the recently published ecb discussion paper “ money markets, central bank balance sheet and regulation ” ; see corradin, s., eisenschmidt, j., hoerova, m., linzert, t., schepens, g. and sigaux, j. - d. ( 2020 ), “ money markets, central bank balance sheet and regulation ”, ecb discussion paper no. 2483. [ 3 ] a non - bank financial institution is a financial institution that does not provide the traditional banking intermediation role, in particular it does not accept demand deposits from the public. examples of non - bank financial institutions are investment funds, money market funds, central clearing counterparties ( ccps ), insurance companies, pension funds and hedge funds. [ 4 ] there are several channels through which money market conditions affect lending conditions. for example, the conference paper by corbae and gofman ( 2019 ) points out one novel channel, namely that interbank markets provide a channel for banks to collude in the market for business loans ; see corbae, d and gofman, m. ( 2020 ). “ interbank trading, collusion, and financial regulation ”, working paper. altavilla, carboni, lenza, and uhlig ( 2019 ) document that the cross - sectional dispersion in unsecured inter