outlook is broadly reflected in the december 2015 eurosystem staff macroeconomic projections for the euro area, which foresee annual real gdp increasing by 1. 5 % in 2015, 1. 7 % in 2016 and 1. 9 % in 2017. compared with the september 2015 ecb staff macroeconomic projections, the prospects for real gdp growth are broadly unchanged. the risks to the euro area growth outlook relate in particular to the heightened uncertainties regarding developments in the global economy as well as to broader geopolitical risks. these risks have the potential to weigh on global growth and foreign demand for euro area exports and on confidence more widely. according to eurostat ’ s flash estimate, euro area annual hicp inflation was 0. 1 % in november 2015, unchanged from october but lower than expected. this reflected somewhat weaker price increases in services and industrial goods, mainly compensated for by a less negative contribution from energy prices. on the basis of the information available and current oil futures prices, annual hicp inflation rates are expected to rise at the turn of the year, mainly on account of base effects associated with the fall in oil prices in late 2014. during 2016 and 2017, inflation rates are foreseen to pick up further, supported by our previous monetary policy measures – and supplemented by those announced today – the expected economic recovery, and the pass - through of past declines in the euro exchange rate. the governing council will closely monitor the evolution of inflation rates over the period ahead. this broad pattern is also reflected in the december 2015 eurosystem staff macroeconomic projections for the euro area, which foresee annual hicp inflation at 0. 1 % in 2015, 1. 0 % in 2016 and 1. 6 % in 2017. in comparison with the september 2015 ecb staff macroeconomic projections, the outlook for hicp inflation has been revised down slightly. turning to the monetary analysis, recent data confirm solid growth in broad money ( m3 ), with the annual rate of growth of m3 increasing to 5. 3 % in october 2015 from 4. 9 % in september. annual growth in m3 continues to be mainly supported by its most liquid components, with the narrow monetary aggregate m1 growing at an annual rate of 11. 8 % in october, after 11. 7 % in september. loan dynamics continued the path of gradual recovery observed since the beginning of 2014. the annual rate of change of loans to non - financial corporations ( adjusted for loan sales and securitisation ) increased to 0. 6 % in

mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, and mr vitor constancio, vice - president of the european central bank, frankfurt am main, 3 december 2015. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. we will now report on the outcome of today ’ s meeting of the governing council, which was also attended by the commission vice - president, mr dombrovskis. based on our regular economic and monetary analyses, we today conducted a thorough assessment of the strength and persistence of the factors that are currently slowing the return of inflation to levels below, but close to, 2 % in the medium term and re - examined the degree of monetary accommodation. as a result, the governing council took the following decisions in the pursuit of its price stability objective : first, as regards the key ecb interest rates, we decided to lower the interest rate on the deposit facility by 10 basis points to – 0. 30 %. the interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of 0. 05 % and 0. 30 % respectively. second, as regards non - standard monetary policy measures, we decided to extend the asset purchase programme ( app ). the monthly purchases of €60 billion under the app are now intended to run until the end of march 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its aim of achieving inflation rates below, but close to, 2 % over the medium term. third, we decided to reinvest the principal payments on the securities purchased under the app as they mature, for as long as necessary. this will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance. the technical details will be communicated in due time. fourth, we decided to include, in the public sector purchase programme, euro - denominated marketable debt instruments issued by regional and local governments located in the euro area in the list of assets that are eligible for regular purchases by the respective national central banks. fifth, we decided to continue conducting the main refinancing operations and three - month longer - term refinancing operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of