The same can be said for the public and business community in these economies. The economies enjoying a favourable fiscal position also faced the crisis without impairing their long-term fiscal sustainability. The situation seemed slightly more complex in some developed European economies. Seeking to find a balance between deleveraging and fiscal consolidation, euro area authorities demanded setting up a protective wall against the possible fire bursting into from the outside. But, as noted, this fire had already burst out and was spreading inside the euro area walls; therefore, setting up this “protective wall against fire” was pointless at this point. The European Union and its institutional structures, along  BIS central bankers’ speeches  1  with the international financial institutions and partners, are undertaking a number of reforms to put this “fire” out. However, it is still unclear how long this “agony” will last and likewise is its impact on the euro area and its trading partners. The exhaustion of fiscal and monetary policy incentives failed to increase economic activity and, moreover, it further aggravated the sovereign debt situation and financial stability. Consequently, the sovereign debt sustainability and banking system credibility-related issues were added to the concerns about economic growth. The question facing many countries today has the form of a trade-off between stability and sovereignty. Currently, the latter two are intertwined in an endogenous relationship (of mutual impact on one another), in which the multi-dimensional need for stability (implying the maintenance of price stability, macroeconomic stability, financial and fiscal stability) requires taking balancing measures.

On its part, the Bank of Zambia, working with several stakeholders, including Bankers Association of Zambia, has over the years made progress in modernising the payment system. The information technology which serves as a major platform for modern payment systems to operate has also advanced. These developments have set the stage for the development of innovative payment systems capable of serving consumers in a cost effective way. Further, the growth of the number of players as well as the increasing number of initiatives require a robust supporting legal infrastructure to govern the payment system. To this end, the National Payment Systems Act No.1 (NPSA) was enacted in 2007. The NPSA empowered the Bank of Zambia to develop and implement the national payment systems policy so as to promote the efficiency, stability and safety of the Zambian financial system. The Bank of Zambia thus designates players wishing to provide payment services such as money transfer services, mobile banking and other payment services. This process has strengthened the capacity of the BoZ to monitor transactions and to ensure that only safe and efficient institutions are allowed to provide payment services. Distinguished Guests, allow me to conclude by congratulating Ecobank Zambia Limited for the innovative products that we are launching today. We hope that our people can send and receive money conveniently, safely, and at a reasonable cost. I also wish to call upon all banks and financial institutions to emulate Ecobank by introducing such products which contribute to increasing access to banking services for the Zambian people.