firms and households remained solid, benefiting from the continued passthrough of our accommodative monetary policy stance to bank lending rates. the annual growth rate of loans to non - financial corporations increased to 4. 3 % in august, from 4. 0 % in july 2019, while the annual growth rate of loans to households remained unchanged at 3. 4 % in august. the euro area bank lending survey for the third quarter of 2019 indicates a slight easing of credit standards and increasing demand for loans to households, while demand for loans to firms remained broadly stable. our accommodative monetary policy stance will help to safeguard favourable bank lending conditions and will continue to support access to financing, in particular for small and medium - sized enterprises. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is still necessary for the continued sustained convergence of inflation to levels that are below, but close to, 2 % over the medium term. in order to reap the full benefits from our monetary policy measures, other policy areas must contribute more decisively to raising the longer - term growth potential, supporting aggregate demand at the current juncture and reducing vulnerabilities. the implementation of structural policies in euro area countries needs to be substantially stepped up to boost euro area productivity and growth potential, reduce structural unemployment and increase resilience. the 2019 country - specific recommendations should serve as the relevant signpost. regarding fiscal policies, the mildly expansionary euro area fiscal stance is currently providing some support to economic activity. in view of the weakening economic outlook and the continued prominence of downside risks, governments with fiscal space should act in an effective and timely manner. in countries where public debt is high, governments need to pursue prudent policies and meet structural balance targets, which will create the conditions for automatic stabilisers to operate freely. all countries should intensify their efforts to achieve a more growthfriendly composition of public finances. likewise, the transparent and consistent implementation of the european union ’ s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. improving the functioning of economic and monetary union remains a priority. the governing council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. 2 / 3 bis central bankers'speeches we are now at your disposal for

european central bank : press conference - introductory statement introductory statement by mr willem f duisenberg, president of the european central bank, and mr christian noyer, vice - president of the european central bank, at the press conference, held in frankfurt, on 5 october 2000. * * * ladies and gentlemen, the vice - president and i are here to report on the outcome of today ’ s meeting of the governing council of the ecb. the following decisions were taken today : 1. the minimum bid rate on the main refinancing operations of the eurosystem will be raised by 0. 25 percentage points to 4. 75 %, starting from the operation to be settled on 11 october 2000. 2. the interest rate on the marginal lending facility will be raised by 0. 25 percentage points to 5. 75 %, with effect from 6 october 2000. 3. the interest rate on the deposit facility will be raised by 0. 25 percentage points to 3. 75 %, with effect from 6 october 2000. including today ’ s adjustment, since november 1999 we have raised ecb interest rates by a total of 225 basis points, with the objective of sustaining price stability in the euro area over the medium term. today ’ s decisions continue to aim at ensuring that upward pressures on consumer prices stemming from oil prices and the foreign exchange rate of the euro do not translate into more permanent inflationary tendencies. it is important to address these risks adequately in order to preserve steady gdp and employment growth in the medium term. let me explain our decisions in greater detail by reporting on our regular examination of recent monetary, financial and economic developments and their implications for monetary policy aiming to maintain price stability in the medium term. starting with the first pillar of the monetary policy strategy of the ecb, the three - month average of annual m3 growth declined to 5. 3 % in the period from june to august 2000, from 5. 5 % in the period from may to july 2000. as had been indicated earlier, in august the preparations of telecommunications firms to transfer the funds due in early september to purchase licences in the german umts auction appeared to have a temporary upward impact on m3 growth. taking this special factor into account, short - term developments in monetary aggregates seem to be more moderate than the august data would suggest. this notwithstanding, from a medium - term point of view, liquidity conditions continue to be ample in the euro area. this assessment is based on the protracted deviation of m3 growth