a positive – but very close to zero – inflation rate. the risk of deanchoring medium - term inflation expectations does not seem imminent, but even so, the tendency in recent months is once again somewhat worrying. the phenomenon of inflation - free growth we are experiencing is one of the most noteworthy features of global economic developments in recent years, and a subject of debate and analysis by international economic organisations, academics and experts. the course of energy prices and globalisation are undoubtedly explanatory factors, but the phenomenon is admittedly one that poses many questions and, consequently, difficulties for economic policy. ecb measures for several years ecb monetary policy has striven to resolutely support economic recovery through standard and non - standard measures. after exhausting the standard measures, in september 2014 the ecb announced its quantitative easing programme with two new components : the asset - backed securities ( abs ) purchase programme and the covered bonds purchase programme. subsequently, in january this year an agreement was reached to extend the programme to include public securities. as at 30 september 2015, the assets acquired by the eurosystem under the expanded purchase programme amounted to slightly more than €475 billion, a substantial amount of which ( almost 72 % ) comprised government bonds. the programme has helped enhance monetary policy transmission, by reducing the fragmentation of european financial markets, and provided for lower borrowing costs for households and firms. the depreciation of the euro has also contributed to easing financing conditions. at its meeting on 3 september 2015, the governing council of the ecb expressed its readiness and ability, if required, to allow for more accommodation in its monetary policy stance. to this end, it could – if considered necessary – use the flexibility already embedded in the purchase programme to increase its size and extend its duration or modify its composition. the spanish economy to conclude, i would like to briefly discuss the spanish economy and its outlook. during 2015 the spanish economy has been in what we could call a “ virtuous triangle ”, by simultaneously meeting three conditions : robust inflation - free growth, job creation and an external surplus. in 2015 we are going to achieve gdp growth of more than 3 %, a negative average annual inflation rate, a current account surplus of more than 1 pp of gdp, and growth in employment and social security registrations, prompting expectations of an unemployment rate of less than 20 % of the labour force by end - 2016. however, the degree of uncertainty in economic projections has widened notably in recent months

become the fourth largest economy in the world. ii. and including china and india, asia is expected to account for 40 – 50 % of global gdp by 2030. private capital has the opportunity to write the next chapter of asia's growth story, and contribute towards uplifting the lives of generations to come. a. over the past five years, private markets have experienced robust growth, with assets under management ( aum ) expanding significantly across various asset classes. i. according to mckinsey's global private markets review 2024, private markets'aum totalled us $ 13. 1 trillion as of mid - 2023, after growing at nearly 20 % per annum since 2018. b. despite potential headwinds and uncertainties, s & p global projects that private markets will reach more than us $ 18 trillion by 2027, propelled by the strong growth of private credit, real assets and secondary markets. i. however, when broken down by region, we see that more than half of private markets'aum remains invested in north america, while europe and asiapacific are at just about 20 % each. c. with the anticipated growth of private markets in asia, there is room for us to diversify and allocate a higher proportion of the aum in private markets into asia. let me share three ways to do this. a. first, we can channel more private capital to support the growth of enterprises in our region. i. micro, small and medium enterprises ( or msmes ) play a critical role in the economies of asean member countries. 2 / 7 bis - central bankers'speeches 1. more than 90 % of all enterprises in asean are smes. 2. they contribute about 50 % of asean's combined gdp 3. and employ about 85 % of the total workforce. ii. however, many of them face challenges in raising capital. 1. in particular, because many of them have less well - established bank relationships compared to multinationals, they face tighter covenant enforcement and tougher credit requirements. iii. in this regard, private capital can play a catalytic role in unlocking the growth potential of msmes, such as through providing the following services 1. growth capital funds or venture debt, to help msmes expand into new growth markets ; 2. expertise in business management, regional expansion, and innovation that msmes typically lack ; and 3. working capital to manage short - term cashflow challenges, without diluting equity unne