##modative monetary policy, will not only lead to higher sustainable economic growth in the euro area but will also raise expectations of permanently higher incomes and accelerate the beneficial effects of reforms, thereby making the euro area more resilient to global shocks. fiscal policies should support the economic recovery, while remaining in compliance with the fiscal rules of the european union. full and consistent implementation of the stability and bis central bankers ’ speeches growth pact is crucial to maintain confidence in the fiscal framework. at the same time, all countries should strive for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches

the annual rate of growth of m3 standing at 5. 1 % in november 2015, after 5. 3 % in october. 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. 2 % in november, after 11. 8 % in october. 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. 9 % in november 2015, up from 0. 6 % in october. developments in loans to enterprises continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non - financial sector balance sheets. the annual growth rate of loans to households ( adjusted for loan sales and securitisation ) increased to 1. 4 % in november, compared with 1. 2 % in october. the bank lending survey for the euro area for the fourth quarter of 2015 points to further improvements in demand for bank loans, supported by the low level of interest rates, financing needs for investment purposes and housing market prospects. credit standards eased further on loans to enterprises, notably owing to increasing competitive pressures in retail banking, and reverted to a net easing on loans to households for house purchase. overall, the monetary policy measures in place since june 2014 have clearly improved borrowing conditions for both firms and households, as well as credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the effectiveness of the monetary policy measures in place and the need to review and possibly reconsider our monetary policy stance at our next meeting in early march in order to secure a return of inflation rates towards levels below, but close to, 2 %. monetary policy is focused on maintaining price stability over the medium term and its accommodative stance supports economic activity. however, in order to reap the full benefits from our monetary policy measures, other policy areas must contribute decisively. given continued high structural unemployment and low potential output growth in the euro area, the ongoing cyclical recovery should be supported by effective structural policies. in particular, actions to improve the business environment, including the provision of an adequate public infrastructure, are vital to increase productive investment, boost job creation and raise productivity. the swift and effective implementation of structural reforms, in an environment of accom