are the drivers of a newly reborn and prosperous kenya. additionally, for the first time, the new banknotes bear features that make them more accessible to the visually impaired members of our society. in the coming days, cbk will roll out an awareness campaign to educate the public on the features of the new banknotes. your excellency, the new banknotes will circulate alongside those previously issued but not withdrawn. however, we have assessed the grave concern that our large banknotes — particularly the older one thousand shillings series — are being used for illicit financial flows in kenya and also other countries in the region. more recently we have seen the emergence of some counterfeits. these are grave concerns that would jeopardize proper transactions and the conduct of commerce in our currency. to deal conclusively with these concerns, all the older one thousand shillings series shall be withdrawn. by a gazette notice dated may 31, 2019, all persons have until october 1, 2019, to exchange those notes, after which the older one thousand shillings banknotes will cease to be legal tender. more details about this will be provided. finally, let me thank all kenyans for their patience with us, their contributions in the design of these new banknotes, and their support of the central bank as we seek to discharge our mandate. the launch of the new generation banknotes at the madaraka day celebrations underscores that the history of the central bank is intertwined with the history of our country. your excellency, it is my distinct honour and privilege, and it gives me great pleasure, to request you to unveil the new generation banknotes of the republic of kenya.

lucas papademos : presentation of the european central bank ’ s annual report for 2004 introductory statement by mr lucas papademos, vice - president of the european central bank, to the committee on economic and monetary affairs of the european parliament, brussels, 26 april 2005. * * * madam chairman, members of the committee on economic and monetary affairs, it is an honour for me to present to you today the ecb ’ s annual report 2004. the presentation of the annual report is an essential part of the ecb ’ s accountability vis - a - vis the european parliament. as you know, the ecb accords the utmost importance to the fulfilment of its accountability obligations, and i am looking forward to a fruitful dialogue with you. in my introductory statement, i will first briefly review economic and monetary developments over the past year and give our assessment of the economic outlook and the monetary policy stance. i will then focus on a number of policy issues examined in the annual report which i consider to be of particular importance. economic and monetary developments looking back to 2004, the ecb ’ s monetary policy operated in an environment of gradual economic recovery and subdued domestic inflationary pressures in the euro area. the recovery in economic activity, which had started in the second half of 2003, continued in 2004 at what was, overall, a moderate but uneven pace. the euro area economy grew strongly in the first half of the year, in particular as a result of robust global economic expansion. however, partly on account of rising oil prices, growth moderated in the second half of 2004. nevertheless, on a working day - adjusted basis, euro area real gdp grew by 1. 8 % in 2004, a markedly higher average annual rate than the 0. 5 % recorded in 2003. against this background of relatively modest economic growth, underlying domestic inflationary pressures remained contained throughout 2004 and early 2005. continued wage moderation played a key role in this respect. however, increases in administered prices and indirect taxes and renewed rises in oil prices, particularly in the second half of the year, had a sizeable impact on inflation. overall, annual hicp inflation was 2. 1 % in 2004, unchanged from the previous year. all in all, the governing council continued to take the view throughout 2004 and early 2005 that the outlook for price developments was consistent with the maintenance of price stability over the medium term. key ecb interest rates were therefore kept unchanged at historically low levels. across the entire maturity spectrum