Reflections on monetary policy  Page 1 of 18  Reflections on monetary policy Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at Bloomberg, London, 16 September 2019 I will divide this speech into two parts. First, I wish to review the current economic and financial environment.
This makes it difficult for banks to provide credit to the economy, to lend to households and non-financial corporations. So, we at the ECB are convinced that it is crucial that Greece further reduces its NPL ratio. And I think that every possible instrument has to be used in order to do that. The Hercules plan is an important instrument.