These measures, according to Eurosystem staff estimates, will help to increase growth in the euro area by about 1% overall between 2015 and 2017. The fall in rates has been accompanied by a recovery in lending to businesses. Last May, before the credit easing measures were announced, lending was declining at an annual rate of about 3% in the area as a whole.
We are also confident that the WBG will incorporate a thorough analysis of causes and consequences of migratory pressures in its Strategic Country Diagnostics for these areas. We support the review of IDA’s voting rights and its guiding principles. The IDA Executive Board must define the scope of the review clearly, to ensure an efficient process. This is a prerequisite for its success.