by the european council for workers, businesses and sovereigns provide important funding support in this context. the governing council recognises the key role of the next generation eu package and stresses the importance of it becoming operational without delay. provided the funds are deployed for productive public spending and accompanied by productivity - enhancing structural policies, next generation eu will contribute to a faster, stronger and more uniform recovery and will increase economic resilience and the growth potential of member states ’ economies, thereby supporting the effectiveness of monetary policy in the euro area. such structural policies are particularly important in addressing long - standing structural and institutional weaknesses and in accelerating the green and digital transition. we are now ready to take your questions. 3 / 3 bis central bankers'speeches

benoit cœure : interview with cinco dias interview by mr benoit cœure, member of the executive board of the european central bank, with cinco dias, conducted by mr bernardo de miguel, published on 10 september 2014. * * * q : the ecb ’ s projections envisage less growth and lower inflation. is there anything else in the pipeline if the measures adopted so far fail? a : new measures were adopted on thursday and i cannot speculate on what can be done in the future. the ecb staff projections for 2014 and 2015 have been revised downwards, both in respect of growth and inflation, and the governing council is also seeing risks to growth being on the downside. growth lost momentum in the second quarter and we want to prevent this weakness feeding into a fall in investment and creating a vicious circle. furthermore, we have recently seen a change in inflation expectations, which have moved further away from 2 %. q : isn ’ t it a little late to realise that, after a year of inflation below 1 %? a : we have to decide on the basis of the data. and until the summer, growth in the euro area was expected to accelerate. then came other, more worrying data showing that it was at risk of losing momentum. q : however, the measures were not adopted unanimously by the 24 members of the council. who voted against? a : we don ’ t comment on that. you know that from january onwards we will begin to publish accounts of our meetings. but even for that it has been decided not to give details of the voting. q : to avoid the vote being interpreted in terms of the country of origin of each council member? a : personally, i would be in favour of publishing all the details, since governors are independent and should vote in the interest of the euro area, but i realise that there are also very good reasons for not doing so. q. might there be resignations from the council like in 2010 and 2011 when the programmes to purchase public debt were approved? a : at that time the euro area was under great pressure due to the severity of the crisis. there was a risk of a euro break - up and the ecb was facing very difficult decisions in this respect. we are not in a comparable situation today. we have a low growth, low inflation and little credit. they represent major challenges, but are part of the normal monetary policy debate. i see no big differences among governors when it