; ministry of internal affairs and communications. chart 9 iii. the bank's conduct of monetary policy the bank's measures in response to covid - 19 firms'financial positions ( tankan ) measures in response to covid - 19 di ( " easy " - " tight " ), % points supporting corporate financing special program to support financing in response to covid - 19 purchases of cp and corporate bonds : amount outstanding of about 20 tril. yen at maximum ( previous amount outstanding of about 5 tril. yen ) special funds - supplying operations to facilitate financing in response to covid - 19 ⇒the bank extended the duration until the end of march 2022 （ decided in june 2021 ） - 10 stabilizing financial markets all enterprises and industries - 20 ample and flexible provision of yen and foreign currency funds small enterprises in all industries - 30 - 40 cy 07 small enterprises in face - to - face services industry purchases of etfs and j - reits note : in the left - hand chart, figures for small enterprises in face - to - face services industry are the weighted averages of the di for retailing, transport & postal activities, services for individuals, and accommodations, eating & drinking services. source : bank of japan. chart 10 iii. the bank's conduct of monetary policy funding environment issuance yields for cp and corporate bonds 2. 0 % issuance conditions for cp ( tankan ) 1. 8 cp ( 3 - month ) 1. 6 corporate bonds ( aa ) 1. 4 di ( " easy " - " severe " ), % points amount outstanding of bank lending y / y % chg. 1. 2 1. 0 easy 0. 8 0. 6 0. 4 - 20 severe - 2 - 40 0. 2 0. 0 cy 05 07 09 11 13 15 17 19 21 - 60 cy 08 - 4 cy05 07 09 11 13 15 17 19 21 notes : 1. in the left - hand chart, figures for issuance yields for cp up through september 2009 are the averages for cp ( 3 - month, rated a - 1 or higher ). those from october 2009 onward are the averages for cp ( 3 - month, rated a - 1 ). figures for issuance yields for corporate bonds are the averages for domestically issued bonds launched on a particular date ( 6 - month backward moving averages ). bonds issued by banks and securities companies, etc., are excluded. 2. in the middle chart, figures are for all industries

mario draghi : monetary policy in the euro area speech by mr mario draghi, president of the european central bank, at the ecb forum on central banking, sintra, 19 june 2018. * * * the euro area ’ s economy continues on a growth path and inflation is gradually returning towards our objective. but uncertainty permeates the economic outlook. recent data releases have created questions about the durability of the growth outlook. and – as we will discuss over the next two days – the crisis has presented us with new issues and fresh challenges in understanding the wage - and price - setting process. regarding the ecb ’ s monetary policy, as outlined at last week ’ s press conference, progress towards a sustained adjustment in inflation has been substantial so far. with longer - term inflation expectations well anchored, the underlying strength of the euro area economy and the continuing ample degree of monetary accommodation provide grounds to be confident that the sustained convergence of inflation towards our aim will continue in the period ahead, and will be maintained even after a gradual winding - down of our net asset purchases. but this requires monetary policy in the euro area to remain patient, persistent and prudent. recent economic developments in 2017, growth in the euro area turned out stronger than we had anticipated : the annual growth rate in the fourth quarter was the fastest for a decade. but in 2018, growth has moderated and, so far, has come in below our expectations. in the latest eurosystem staff projections, growth for 2018 has been revised down by 0. 3 percentage points. this has prompted some questions about the sustainability of the ongoing expansion, which is unusual at such an early stage of the cycle. in historical terms, the current growth period is comparatively short in length and small in size. since 1975, there have been five growth phases in the euro area. the average duration from trough to peak is 31 quarters, with gdp increasing by 21 % over that period. the current expansion has to date lasted just 20 quarters and gdp is less than 10 % above the trough. 1 to determine whether the moderation has any bearing on medium - term growth, we need to distinguish between its underlying drivers. in part, the moderation is related to supply - side factors. some of these are temporary in nature and have already subsided, such as the cold winter weather in large parts of the euro area. but there may also be broader supply factors at play. in particular, there are increasing signs that capacity constraints are starting