8  BIS Review 129/2009  Chart 3: Changes in terms and conditions for approving loans or credit lines to enterprises (net percentages of banks reporting tightening terms and conditions)  Source: Euro area bank lending survey. Chart 4 - MFI loans to the private sector in the euro area (percentage changes)  Source: ECB. BIS Review 129/2009  9  Chart 5 - MFI loans to households in the euro area (percentage changes)  Source: ECB. Chart 6 - MFI loans to non-financial corporations in the euro area (percentage changes)  Source: ECB. 10  BIS Review 129/2009  Chart 7: Financial situation of euro area firms, change over the preceding six months (percentages of respondents)  Source: ECB/European Commission survey on the access to finance of SMEs. Chart 8: Outcome of the applications for external financing by euro area firms over the preceding six months (percentages of firms that have applied for external financing)  Source: ECB/European Commission survey on the access to finance of SMEs. BIS Review 129/2009  11  Chart 9: Availability of external financing for euro area firms, change over the preceding six months (percentages of respondents)  Source: ECB/European Commission survey on the access to finance of SMEs.
And yet, we have just emerged from a successful experience: let us recall that it was collectively considered that we Europeans were in a very bad position in March 2020 at the onset of the Covid crisis. But together we have managed to weather this crisis very well, thanks for instance to the joint purchase of vaccines and the SURE1 and Next Generation EU programmes, backed primarily by Germany and France. I will therefore venture to outline here, in the field of economics, where we will succeed together, what we differ on today, and - lastly and perhaps most importantly, what both our countries are in danger of forgetting. I. Where we will succeed together: monetary policy This shock further increased inflation, which had already reappeared during the strong post-Covid recovery. Thus, after a decade of too low inflation, and even a risk of deflation during the Covid crisis, inflation now stands at 10.7% in the euro area as a whole (7.1% in France, and 11.6% in Germany). Exogenous factors, especially energy prices (up 42%) and certain food prices, still account for half of total European inflation. Nevertheless, inflation has become more "domestic" and broad-based: core inflation excluding energy and food - has gradually increased and reached 5.0% in October, and this is precisely where monetary policy has a more direct impact. The ECB Governing Council therefore decided at the end of October to raise its key rates by a further 75 basis points, bringing the deposit facility rate to 1.5%.