supporting annual m3 growth. the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) was – 3. 1 % in march, unchanged from february. weak loan dynamics for nonfinancial corporations continue to reflect their 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 ) stood at 0. 4 % in march 2014, broadly unchanged since the beginning of 2013. the april 2014 bank lending survey confirmed the stabilisation of credit conditions for loans to enterprises and households. credit standards over the previous three months remained broadly unchanged for loans to enterprises but were eased in net terms for households. broadly in line with these results, in the survey on the access to finance of small and medium - sized enterprises ( smes ) for the period october 2013 - march 2014, smes reported that bank loan availability had become less negative and had actually improved in some euro area countries. according to both surveys, the general economic outlook contributed less negatively or even positively to these developments. at the same time, banks still reported tight levels of credit standards when seen in a historical perspective. since the summer of 2012, substantial progress has been made in improving the funding situation of banks. in order to ensure an adequate transmission of monetary policy to the financing conditions in euro area countries, it is essential that the fragmentation of euro area credit markets declines further and that the resilience of banks is strengthened where needed. in this context, the ongoing comprehensive assessment of banks ’ balance sheets is of key importance. banks should take full advantage of this exercise to improve their capital and solvency position, thereby contributing to overcome any existing credit supply restriction that could hamper the recovery. to sum up, the economic analysis confirms our expectation of a prolonged period of low inflation followed by only a gradual upward movement in hicp inflation rates towards levels closer to 2 %. a cross - check with the signals from the monetary analysis confirms the picture of subdued underlying price pressures in the euro area over the medium term. regarding fiscal policies, according to the european commission ’ s spring forecast, the general government deficit in the euro area is expected to decline further, from 3. 0 % of gdp in 2013 to 2. 5 % this year and to 2. 3 % in 2015. the government debt - to - gdp ratio is expected to stabilise

mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, brussels, 8 may 2014. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. i would like to thank governor coene for his kind hospitality and express our special gratitude to his staff for the excellent organisation of today ’ s meeting of the governing council. we will now report on the outcome of today ’ s meeting, which was also attended by the president of the eurogroup, finance minister dijsselbloem. based on our regular economic and monetary analyses, we decided to keep the key ecb interest rates unchanged. incoming information continues to indicate that the moderate recovery of the euro area economy is proceeding in line with our previous assessment. at the same time, recent information remains consistent with our expectation of a prolonged period of low inflation followed by only a gradual upward movement in hicp inflation rates. the signals from the monetary analysis confirm the picture of subdued underlying price pressures in the euro area over the medium term. inflation expectations for the euro area over the medium to long term remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 %. looking ahead, we will monitor economic developments and money markets very closely. we will maintain a high degree of monetary accommodation and act swiftly, if required, with further monetary policy easing. we firmly reiterate that we continue to expect the key ecb interest rates to remain at present or lower levels for an extended period of time. this expectation is based on an overall subdued outlook for inflation extending into the medium term, given the broad - based weakness of the economy, the high degree of unutilised capacity, and subdued money and credit creation. the governing council is unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation. further information and analysis concerning the outlook for inflation and the availability of bank loans to the private sector will be available in early june. let me now explain our assessment in greater detail, starting with the economic analysis. real gdp in the euro area rose by 0. 2 %, quarter on quarter, in the last quarter of 2013, thereby increasing for three consecutive quarters. recent data and survey indicators confirm that the ongoing moderate recovery continued in the first quarter of 2014 and at the beginning of the second quarter. looking ahead