In this context, I would like to recall that since the launch of the euro, employment in the euro area has risen by more than 12 million people. Looking ahead, we expect the labour market to continue to benefit from past reforms and others being implemented.
The annual growth rate of loans to non-financial corporations rebounded to 3.7% in February 2019, from 3.4% in January, reflecting mainly a base effect. Looking through short-term volatility, the annual growth rate of loans to non-financial corporations has moderated in recent months, reflecting the typical lagged reaction to the slowdown in economic growth.