This is the third phase, which I called ‘rebuilding resilience’. In this phase, which I am happy to discuss in more detail at some later Eurofi event, we will have to focus on further improving the growth potential of the European economy. We will have to bring government debt on a path to more sustainable levels.
5 Our analysis also finds that our policy package has had a substantial direct effect on bank lending  5  4  For more on the methodology behind these estimations see ECB (2015), “The transmission of the ECB’s recent non-standard monetary policy measures”, Box 2, Economic Bulletin, Issue 7/2015  BIS central bankers’ speeches  rates, as well as a substantial indirect effect on lending conditions through its marked impact on long-term government bond yields.