In the long run, nothing is as important for our economic welfare as productivity growth, for this is what determines the pace of increase in living standards. And the recent productivity data have been impressive: output per hour worked rose 1¾ percent in 1997 after an advance of more than 2 percent the year before.
Our enhanced targeted longer-term refinancing operations (TLTROs), as well as a comprehensive set of collateral easing measures, form part of this component. And the third component relates to our traditional role as a lender of last resort to solvent banks.