average minimum reserve requirements. let me here point out that my intention is not to say whether one system is better than another ; i merely wish to illustrate that the differences in monetary policy steering systems may be one reason why central banks have acted differently. nor has there been reason to take measures, given the background of financial stability. swedish banks are profitable and financially strong, and therefore have good opportunities to manage unexpected negative events. however, as usual we are following developments closely. if there was a risk of problems arising that would make it difficult for the banks to conduct their operations and thereby endanger the system, the situation would be different. however, this is not the case today ; we are continuing to observe the financial crisis largely from the outside.

peter praet : the transmission of recent non - standard measures speech by mr peter praet, member of the executive board of the european central bank, at the joint boe, ecb, cepr and cfm conference on “ credit dynamics and the macroeconomy ”, london, 11 december 2015. * * * i would like to thank carlo altavilla for his contribution to this speech. since june 2014 the ecb has adopted a series of new monetary policy measures, with the aim to both enhance the transmission of policy and to reinforce the accommodative policy stance to counter growing risks of a too prolonged period of low inflation. those measures have included reducing key policy rates to levels below zero, introducing a credit easing package – specifically our targeted long - term refinancing operations ( tltros ) – and expanding our asset purchase programme ( app ). they were decided against the backdrop of credit dynamics that were at the weaker end of what can typically be observed in the aftermath of banking crises, and, from summer of 2014 onwards, heightened downside risks to the inflation outlook and a concrete threat to the stability of inflation expectations. this complex package of policy measures has led to a significant easing in borrowing rates for the broad economy and should thereby continue to contribute to the recovery of the euro area economy and the return of inflation rates in the medium term to levels closer to 2 %. early evidence confirms that the current policy measures are delivering tangible results, in particular by improving financing conditions faced by firms – including small and mediumsized ones – and households, thereby stimulating credit demand and spending. starting with the cost of bank credit, this has fallen sharply across euro area member states as banks ’ funding conditions have eased and competition among lenders has accelerated in the wake of our policy measures. before the launch of the june 2014 credit easing package the bulk of the reduction in ecb key policy rates – a cumulative 125bps between september 2011 and june 2014 – had not been transmitted to the borrowing costs faced by households and firms in many vulnerable member states. from may last year ( when markets started to anticipate the credit easing package ) until october this year, however, bank lending rates for non - financial corporations ( nfcs ) fell strongly, by approximately 80bps for the euro area in aggregate. to put that in perspective, ecb staff estimates suggest that a reduction of the standard policy rates by around 100bps in june 2014 would have been required