. sustained rates of broad money growth reflect ongoing bank credit creation for the private sector and low opportunity costs of holding m3. the narrow monetary aggregate m1 continues to be the main contributor to broad money growth on the components side. the annual growth rate of loans to non - financial corporations remained unchanged at 3. 8 % in june 2019. notwithstanding some moderation from the peak recorded in september 2018, the annual growth rate of loans to non - financial corporations continues to be robust. the annual growth rate of loans to households also remained unchanged at 3. 3 % in june, continuing its gradual improvement. overall, loan growth is still benefiting from historically low bank lending rates. the euro area bank lending survey for the second quarter of 2019 indicates that loan growth continued to be supported by increasing demand across all loan categories. at the same time, credit standards for loans to enterprises tightened in the second quarter amid concerns about the economic outlook, while they remained broadly unchanged for loans for house purchase. our monetary policy measures, including the forthcoming new series of targeted longer - term refinancing operations ( tltro iii ), will help to safeguard favourable bank lending conditions and will continue to support access to financing, in particular for small and medium - sized enterprises. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued sustained convergence of inflation to levels that are below, but close to, 2 % over the medium term. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively to raising the longer - term growth potential and reducing vulnerabilities. the implementation of structural reforms in euro area countries needs to be substantially stepped up to boost euro area productivity and growth potential, reduce structural unemployment and increase resilience. the 2019 country - specific recommendations should serve as the relevant signpost. regarding fiscal policies, the mildly expansionary euro area fiscal stance is providing support to economic activity. at the same time, countries where government debt is high need to continue rebuilding fiscal buffers. all countries should reinforce their efforts to achieve a more growth - friendly composition of public finances. likewise, the transparent and consistent implementation of the european union ’ s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. improving the functioning of economic and monetary union remains a priority. the 2 /

, we are wary of it, perhaps feeling, as karl marx did that “ machinery does not just act as a superior competitor to the worker, always on the point of making him superfluous. ” such fears can lead to resistance or, in extreme cases, obstruction, to your efforts. merely offering statistics that show that adopting new technology can lead to increased job creation and higher productivity will not be sufficient to prevent this. hr managers and their teams need to counsel staff about the impending changes, offer a vision of what the transformed organisation will look like, and then shepherd them through the process. this means that you, too, must embrace the idea and all that it encompasses. indeed, for you to be truly effective, you must also demonstrate your own ability to adapt your systems. one aspect of this is reskilling. while greater utilisation of technology might not lead to a significant reduction in an organisation ’ s staff complement, it will inevitably lead to a shift in where and how staff members are deployed. an employee who previously performed a job that can now be made more efficient through automation, could find himself transferred within the organisations to perform a new function. for many employees, especially those who have spent their entire tenure in one department, and potentially in the same post, this can be a tremendous shock. as hr professionals, you will be tasked with making that transition smoother, including by identifying the training they will need. even when employees maintain their current position, they will need to broaden the scope of their abilities. consider our colleagues in our bank supervision departments : how many of them even 10 years ago would have contemplated the regulatory challenges posed by fintech or by new entrants from outside the traditional financial sector into the market? how many would have known how to even approach regulating it? the education and training employees get before entering the workforce is now just the beginning. they will need to commit to lifelong learning, to continually upgrading their expertise. indeed, deloitte estimates that the time it takes for the skills you currently have to become obsolete is a mere two and a half to five years. 2 / 5 bis central bankers'speeches moving beyond “ that ’ s the way we ’ ve always done it ” for us as central banks to effectively fulfil our mandate, we must be able to identify the gaps in employees ’ competencies and support them as they work to fill them. be mindful, however, that as we look to embrace this transformation, we