help us track our progress towards supporting, within our mandate, a decarbonisation path in line with the goals of the paris agreement and eu climate neutrality objectives. they will show, for example, that our corporate sector portfolio is becoming less carbon intensive, partly thanks to our efforts to tilt purchases towards issuers with a better climate performance. over time – as more and better - quality data become available – we will improve the level of detail and expand reporting to include other portfolios and asset classes. better and harmonised climate disclosures for all asset classes would help not only the ecb, but also the entire financial sector, to better account for climate - related risks. 3 thank you for your attention, i now look forward to your questions. 1 gil - robles, j. m. ( 1999 ), " speech to the european council ", 3 june. 2 ecb ( 2021 ), " ecb presents action plan to include climate change considerations in its monetary policy strategy ", 8 july. 3 https : / / www. ecb. europa. eu / pub / pdf / other / ecb. esa _ ecb _ joint _ statement ~ c1f96d353b. en. pdf. 3 / 3 bis - central bankers'speeches

dynamics followed the path of gradual recovery observed since the beginning of 2014. the annual growth rate of loans to non - financial corporations was 2. 2 % in november 2016, after 2. 1 % in the previous month. the annual growth rate of loans to households was 1. 9 % in november, after 1. 8 % in october. although developments in bank credit continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and nonfinancial sector balance sheets, the monetary policy measures put in place since june 2014 are significantly supporting borrowing conditions for firms and households and thereby credit flows across the euro area. the euro area bank lending survey for the fourth quarter of 2016 indicates that credit standards for loans to enterprises are broadly stabilising, while loan demand has continued to expand at a robust pace across all loan categories. 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 a continued very substantial degree of monetary accommodation to secure a sustained return of inflation rates towards levels that are below, but close to, 2 % without undue delay. monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the european level. the implementation of structural reforms needs to be substantially stepped up to increase resilience, reduce structural unemployment and boost investment, productivity and potential output growth in the euro area. structural reforms are necessary in all euro area countries. in particular, reforms are needed to improve the business environment, including the provision of an adequate public infrastructure. in addition, the enhancement of current investment initiatives, progress on the capital markets union and reforms that will improve the resolution of non - performing loans, are a priority. fiscal policies should also 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 over time and across countries remains crucial to ensure confidence in the fiscal framework. at the same time, it is essential that all countries intensify efforts towards achieving a more growthfriendly composition of fiscal policies. we are now at your disposal for questions 2 / 2 bis central bankers'speeches