1 3/4  BIS central bankers' speeches  1 See, for example, OECD Economic Outlook, Volume 2016, Issue 2 and European Commission, European  Economic Forecast, Winter 2017. 2 See the ECB’s euro area bank lending survey, April 2017, and the ECB’s Survey on the Access to Finance of  Enterprises in the euro area, October 2016 to March 2017.
3 For more details on the impact of the TLTROs, see “The targeted longer-term refinancing operations: an  overview of the take-up and their impact on bank intermediation”, Economic Bulletin, Issue 3, Box 5, ECB, 2017. 4 For further discussion, see “Recent wage trends in the euro area”, Economic Bulletin, Issue 3, Box 2, ECB 2016.