It is also true that financial system stability has been significantly restored as a result of the injection of capital into major banks in March 1999. With improved creditworthiness and receding concern over liquidity, banks are once again competing to win good customers. According to the Tankan survey, firms have reported a gradual relaxation in the lending attitude of banks.
At its last monetary policy meeting on 10 April, the ECB Governing Council confirmed that it continues to expect the key ECB interest rates to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.