Such reforms, if carried out now, will help to promote favourable economic conditions down the road. 1 See ECB Bank Lending Survey, January 2017, and ECB Survey on the Access to Finance of Enterprises in the  euro area, April 2016 to September 2016.
2 For more detailed discussion of the Phillips curve and low inflation in the euro area economy, see Praet, P.  “Maintaining price stability in the euro area”, remarks at the 15th Handelsblatt Jahrestagung “Zukunftstrategien für Sparkassen und Landesbanken”, Berlin, 2 February 2017. 3 For further discussion, see “Recent wage trends in the euro area”, Box 2, ECB Economic Bulletin 2016/03.