in the central bank. just as an aside – the ecb ’ s task here is particularly challenging, as we need to communicate in 24 different languages. in any case, we have stepped up our efforts along these lines in several dimensions. let me highlight three of them : first, we have developed educational material about the ecb and its policies that is made available on our website – for the young generation in particular, but also more generally : there are educational games and videos, and we have published a large number of “ explainers ” where we give answers to frequently asked questions. just to give one example – with our euro @ 20 game, we reached 1. 6million people. second, we are now much more present in the social media. this is an important channel whereby central banks can reach out a relatively broader audience directly, without intermediaries, and interact with the public, for instance through our q & a sessions on twitter. third, we are also working to make our regular policy publications more accessible to the general public. our most recent financial stability review, with a streamlined structure and clear focus on core messages, is presented on the ecb ’ s website in a way that makes the content more easily understood, for instance by using visuals. our efforts are already bearing fruit – with a significant increase in its readership. conclusion let me conclude by reiterating the central role of expectations in the conduct of monetary policy. we are well aware that our communication influences the very expectations that we want to use as input into our decision - making. we do therefore need to ensure that we base our decisions on a multitude of information, covering not only financial markets and experts, but also the general public. at the ecb, we are enhancing our toolkit for the communication with the general public in two ways – both by collecting more information about consumers, and by targeting some of our communication efforts more directly at the general public. i am confident that this investment will pay off and help us achieving three objectives at the same time – being a trusted institution, being accountable to the public, and maintaining price stability. 1 prepared by m. ehrmann ( dg - r / mpr ), with input and comments from dimitris georgarakos, gabriel glockler, jean - francois jamet, marek jarocinski, eric persson, hanni scholermann and stefania secola. 2 blinder, a., m. ehrmann,

four million or 33 % of the 12 million who are bankable. the savings to gdp ratio is still low at 16 %. in addition, financial intermediation is poor as indicated by the stock of private sector credit of 11. 8 % of gdp. these numbers do not compare favourably with kenya and tanzania. there are about 22 insurance companies, 26 insurance brokerage firms and eight lossassessors operating in the country. the insurance industry just like the banking industry, remains largely underdeveloped. the products offered by these companies are limited to life and nonlife insurance products. in spite of the fact that agriculture is the backbone of the economy, uganda lacks agricultural insurance, weather indexing of agricultural production and micro insurance for low income groups. the lack of a system of crop finance is a major barrier to lending to small farmers. “ the insurance sector must therefore take a closer look at developing new insurance products that suit their clients, train their personnel, increase distribution channels and enhance marketing, ” dr. kasekende said. bis central bankers ’ speeches banking, finance and insurance sectors are the life - blood for growth and development of the financial system and the entire economy. hence the key sectors of the financial system deserve priority attention by government as they are instrumental in the process of savings mobilization and capital accumulation, key ingredients in the growth and development process of the economy. bis central bankers ’ speeches