A specific department known as Consumer and Market Conduct Department was established in 2006 to spearhead the initiatives. These initiatives included financial education at schools and for the general public; greater disclosure requirements about the features of financial products and the associated risks; the Financial Mediation Bureau to provide an avenue for redress; the Credit Counselling and Debt Management Agency to assist individuals in financial distress; and a public service centre at the Central Bank and all its branches to provide information and advice. The market conduct regulations also give the regulator powers to oversee fees and charges to ensure the quantum is reasonable for the services provided. These measures are broad enough to provide consumer protection in relation to branchless banking in general terms. However, they may be less effective in addressing some of the unique aspects of branchless banking, such as disputes with non-bank agents located in remote or rural locations. Perhaps this forum could consider some of these aspects. Collaboration in terms of sharing best practices, standards and regulations would reduce the cost as well as expedite the development of more inclusive financial sectors. We need to be mindful of the fact that for effective collaboration to take place, we must have common goals to bind our work. In this case, that common goal is the development of more inclusive financial sectors, by making available a broad range of financial services to the poor and micro enterprise segments of society and the economy, as well as those living in remote areas.

Taking into account all the new information and analyses which have become available since our meeting on 13 January 2011, we continue to see evidence of short-term upward pressure on overall inflation, mainly owing to energy and commodity prices. This has not so far affected our assessment that price developments will remain in line with price stability over the policy-relevant horizon. At the same time, very close monitoring is warranted. Recent economic data confirm the positive underlying momentum of economic activity in the euro area, while uncertainty remains elevated. A cross-check of the outcome of our economic analysis with that of the monetary analysis indicates that  2  BIS central bankers’ speeches  inflationary pressures over the medium to long term should remain contained. Inflation expectations remain firmly anchored in line with our aim of keeping inflation rates below, but close to, 2% over the medium term. The continued firm anchoring of inflation expectations is of the essence. Turning to fiscal policies, it is now essential that all governments fully implement their fiscal consolidation plans in 2011. Where necessary, additional corrective measures must be implemented swiftly to ensure progress in achieving fiscal sustainability. Beyond 2011, countries need to specify concrete policy measures in their multi-year adjustment programmes so as to underpin the credibility of their fiscal consolidation targets. Experience shows that expenditure restraint is an important step towards achieving and maintaining fiscal soundness, notably when enshrined in binding domestic policy rules.