As I said earlier, following this review we will decide if we need to add further protections and whether some of the measures already in the Code need to be strengthened. Active outreach by lenders to consumers in pre-arrears is one area not currently covered in the Code that we want to address.
The work is not yet over, but we are reaping the benefits of our efforts: growth has been positive for more than five years, and the unemployment rate is at its lowest level since November 2008. In my remarks today, I will discuss the current economic environment and the role that the ECB’s monetary policy plays in it.