2018, following growth of 0. 4 % in the previous two quarters. incoming data have continued to be weaker than expected as a result of a slowdown in external demand compounded by some country and sector - specific factors. while the impact of some of these factors is expected to fade, the nearterm growth momentum is likely to be weaker than previously anticipated. looking ahead, the euro area expansion will continue to be supported by favourable financing conditions, further employment gains and rising wages, lower energy prices, and the ongoing – albeit somewhat slower – expansion in global activity. the risks surrounding the euro area growth outlook have moved to the downside on account of the persistence of uncertainties related to geopolitical factors and the threat of protectionism, vulnerabilities in emerging markets and financial market volatility. euro area annual hicp inflation declined to 1. 6 % in december 2018, from 1. 9 % in november, reflecting mainly lower energy price inflation. on the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. measures of underlying inflation remain generally muted, but labour cost pressures are continuing to strengthen and 1 / 2 bis central bankers'speeches broaden amid high levels of capacity utilisation and tightening labour markets. looking ahead, underlying inflation is expected to increase over the medium term, supported by our monetary policy measures, the ongoing economic expansion and rising wage growth. turning to the monetary analysis, broad money ( m3 ) growth moderated to 3. 7 % in november 2018, after 3. 9 % in october. m3 growth continues to be backed by bank credit creation. the narrow monetary aggregate m1 remained the main contributor to broad money growth. the annual growth rate of loans to non - financial corporations stood at 4. 0 % in november 2018, after 3. 9 % in october, while the annual growth rate of loans to households remained broadly unchanged at 3. 3 %. the euro area bank lending survey for the fourth quarter of 2018 suggests that overall bank lending conditions remained favourable, following an extended period of net easing, and demand for bank credit continued to rise, thereby underpinning loan growth. the pass - through of the monetary policy measures put in place since june 2014 continues to significantly support borrowing conditions for firms and households, access to financing – in particular for small and medium - sized enterprises – and credit flows across the euro area. to sum up, a cross - check of the outcome of the economic analysis with the signals

recently, where e - payment usage in 2021 increased by 30 % from 2020, a doubling of the long - term average growth rate prior to the pandemic. 10. to sustain this momentum, we will continue to work with the industry and key stakeholders to further promote e - payment adoption through a coordinated nationwide e - payment initiative under the banner of " e - duit ", with the tagline " selamat, senang dan segera ". 11. the evolution of digital financial services opens up enormous opportunities to deepen financial inclusion and expand access to previously excluded and underserved populations. but these opportunities can only be fully realised if our society is equipped to use digital financial services effectively, responsibly and confidently. low awareness and trust, and limited digital and financial literacy, can become barriers to the adoption and effective use of digital financial products and services. 12. individuals, therefore, need to be supported to understand the risks associated with using financial products and services that are accessed through digital means so that they can better protect themselves against these risks. given the rate at which technology evolves, this can be daunting for the average consumer to keep up with which is also precisely why financial education is so critical. 2 / 4 bis - central bankers'speeches 13. one of the more striking results from the 2021 fci survey is the low level of digital financial literacy observed, which is deeply concerning. one in three individuals surveyed stated that they would be willing to share their bank account passwords or pin numbers with close friends. this increases the risk of online fraud, including being used knowingly or unknowingly as'mule accounts'to perpetrate fraud. almost twothirds of individuals surveyed do not pay attention to the security features of a website before they perform online transactions ( such as to check if the page for making payment is legitimate and can be trusted ). as a result, individuals are far more likely to be deceived into providing their banking credentials through a fake website that enables scammers to use their information to commit fraud. using mobile devices and apps inappropriately has also led individuals to fall victim to fraud such as phishing, hacking, and data theft. 14. combatting fraud is a high priority for the bank, and we will continue to work with the financial industry, government agencies and law enforcement authorities to further improve banking and payment fraud incident response and recovery actions. alongside these efforts, increasing digital and financial literacy will