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An annual rate of 10.5% in January after 10.8% in December.

Lumb Dynamics continued the path of gradual recovery observed since the beginning of 2014.

The annual rate of change of loans to non-financial corporations increased to 0.6% in January 2016, up from 0.1% in December 2015.

Development in loans to enterprises

continue to reflect the lacked 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 remained stable at 1.4% in January 2016.

Overall, the monetary policy measures in place since June 2014

have clearly improved borrowing conditions for 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

confirm the need for further monetary stimulus in order to secure a return of inflation

raised towards levels that are below but close to 2% without undue delay. Monetary policy is focused on maintaining price stability over the medium term,

and its accommodative stance supports economic activity.

However, in order to rip the full benefits

from our monetary policy measures,

...