But, as the paper by Fischer, Lenza, Pill and Prof. Reichlin demonstrates, the careful analysis of monetary developments in real time has helped the ECB to shape its assessment of the economic situation and the associated risks to price stability and to better identify the nature of the shocks impacting on the euro area economy. As I already said I can bear testimony that, over the past eight years, monetary analysis has helped the ECB to improve its policy decisions. At the same time, the importance attached to the monetary pillar has also signalled that the ECB’s monetary policy has an appropriate medium-term orientation. I strongly believe that this has contributed to shaping agents’ expectations in a manner which enhanced the credibility of the ECB. In this context, the third issue raised by Jürgen – namely how monetary analysis should be presented to the public – is crucial. Presenting the monetary analysis in a manner that serves to stabilise private sector long-term inflation expectations by clearly signalling the ECB’s alertness with respect to risks to price stability at longer horizons is key. Thus, it is particularly important that markets and the public at large have a good understanding of the systematic and conditional conduct of monetary policy by the central bank, so that expectations about future price developments and the path of policy rates are in line with the central bank’s mandate.
It is important that we divide the tasks related to non-performing loans into two – reducing the current level of nonperforming loans, and preventing new loans of this kind. As for the preparations for the entry into force of the new International Financial Reporting Standard No. 9, we have just aggregated the data received from you. I think, as a whole, the sector is ready for its implementation, but more work is to be done, especially in some banks. What I am trying to say is that this is not a one-off act; it is rather a process we are going to work on. And now a few words about the Law on Payment Services and Payment Systems, which will come into effect from the beginning of 2018. It sets higher standards and requirements for banks concerning the security of payment operations, including those made via Internet or through other IT devices. We expect that the new law would reduce the number of disputes between providers and users of payment services, as well as the number of cases where the BNB should get involved directly. Please allow me to thank you and to once again congratulate you on this year’s very good results. I wish you joyful celebrations, a happy Banker’s Day, and very happy Christmas and New Year, as well as good health and success in the New Year! Thank you for your attention. 2/2  BIS central bankers' speeches