banks ’ quality of capital. with regard to methodology, we plan to develop our srep methodology for liquidity risk. with the priorities set now, we will start to draw up the 2016 working plan for each banking group in detail. this will happen in december ; thus banks will have to wait for at least another month to get an insight into what kind of supervisory activities ( for instance thematic meetings, onsite inspections or surveys ) are relevant for the interaction with their supervisor in 2016. but one thing is for sure : 2016 will be a busy year for euro area banks as well as their supervisor. as i do not want to keep us any longer from enjoying our dinner, allow me to briefly conclude. what remains is my wish for next year : on the second anniversary, i hope that one or two of the same well - wishers will repeat their praise! i am convinced that the ssm staff at the national supervisory authorities and at the ecb will continue their excellent work, as they have been doing in 2015, and that we should be even further down the road of becoming a truly european supervisor – one which can contribute, to the greatest degree possible, to a safe and sound banking system in the euro area and one which ensures a level playing field. and i also hope that we will have implemented our plan and thus fulfilled this year ’ s wish for greater transparency. bis central bankers ’ speeches

it is important that banks continue to expand the provision of credit to the private sector in an environment of increasing demand. to address this challenge, where necessary, it is essential for banks to retain earnings, to turn to the market to strengthen further their capital bases or to take full advantage of government support measures for recapitalisation. in particular, banks that currently have limited access to market financing urgently need to increase their capital and their efficiency. bis central bankers ’ speeches to sum up, the governing council decided to increase the key ecb interest rates by 25 basis points. the adjustment of the current very accommodative monetary policy stance is warranted in the light of upside risks to price stability that we have identified in our economic analysis. a cross - check with the signals from our monetary analysis indicates that while the underlying pace of monetary expansion is still moderate, monetary liquidity remains ample and may facilitate the accommodation of price pressures. all in all, it is essential that the recent price developments do not give rise to broad - based inflationary pressures over the medium term. our decision will contribute to keeping inflation expectations in the euro area firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 % over the medium term. such anchoring is a prerequisite for monetary policy to contribute to economic growth in the euro area. at the same time, interest rates across the entire maturity spectrum remain low. thus, the stance of monetary policy remains accommodative and thereby continues to lend considerable support to economic activity and job creation. recent economic data confirm that the underlying momentum of economic activity continues to be positive, with uncertainty remaining elevated. we will continue to monitor very closely all developments with respect to upside risks to price stability. turning to fiscal policies, it is essential that all governments achieve the consolidation targets for 2011 that they have announced. moreover, the announcement of fully specified consolidation measures for 2012 and beyond would help to convince the general public and market participants that the corrective policies will be sustained. strengthened confidence in the sustainability of public finances is key, as this will reduce interest rate risk premia and improve the conditions for sound and sustainable growth. at the same time, it is crucial that substantial and far - reaching structural reforms be urgently implemented in the euro area to strengthen its growth potential, competitiveness and flexibility. in the case of product markets, policies that enhance competition and innovation should, in particular, be further pursued to speed up restructuring and to facilitate advances