european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, and mr lucas papademos, vice president of the european central bank, brussels, 7 october 2004. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to the press conference here in brussels. today ’ s meeting is the tenth time that the governing council has met outside frankfurt, and i would like to thank governor quaden for his invitation. let me also express our gratitude to the staff of the nationale bank van belgie / banque nationale de belgique for their kind hospitality and perfect organisation of today ’ s meeting. let me now report on the outcome of today ’ s meeting. as regards economic growth, while some uncertainty has recently arisen concerning the expected strengthening of activity, the economic recovery in the euro area is ongoing. looking at price developments, high oil prices have had a visible direct impact on inflation rates this year. however, the risk of second - round effects still seems to be contained, and the overall outlook remains consistent with price stability over the medium term. accordingly, we have left the key ecb interest rates unchanged. this means that the level of interest rates continues to be very low by historical standards, in both nominal and real terms. strong vigilance is warranted with regard to all developments which could imply risks to price stability over the medium term. i shall now explain our assessment in more detail, turning first to the economic analysis. the information available to date indicates that the economic recovery in the euro area is continuing. in particular, survey indicators up to september point to ongoing growth in industrial production and the services sector. moreover, the gradual recovery in consumer confidence is proceeding, and there are some tentative signs of an improvement in the prospects for employment, although available indicators for household spending do not yet point to an immediate strengthening of consumption growth. all in all, the growth momentum seen in the euro area in the first half of 2004 should be broadly maintained in the coming quarters, in line with available forecasts from international organisations. on the external side, euro area exports should continue to benefit from favourable global demand conditions, not least from trade with the new eu member states, where import demand has been strengthening. on the domestic side, investment should benefit from the positive global environment and the very favourable financing conditions in the euro area. as companies restructure, improvements in corporate efficiency and higher

kamau thugge : launch of the chora plan financial literacy campaign remarks by dr kamau thugge, governor of the central bank of kenya, at the launch of the chora plan financial literacy campaign, nairobi, 11 june 2024. * * * mr. john gachora, chairman, kenya bankers association ( kba ) mr. raymond molenje, acting chief executive officer ( ceo ), kba ; ceos herepresent ; distinguished guests ; ladies and gentlemen : good morning! i am pleased to be here at the launch of the chora plan financial literacy campaign. let me express my gratitude to the kenya bankers association ( kba ) for the invite and organizing this launch event. i note that the campaign themed claim your financial freedom is designed to empower individuals and businesses in the economy with knowledge and skills necessary to make informed financial decisions on banking, insurance and pension services. i am also informed that today's launch will pave the way for a month - long sensitization drive focusing on building a saving culture and financial planning. this will in turn enhance the financial health of businesses and households. before delving into the theme of today, let me briefly set the context in which we meet this morning. globally, growth has continued to recover, while inflation has moderated but has continued to be sticky downward in advanced economies. this generally positive global outlook is subject to downside risks, mainly from a potential escalation of geopolitical tensions and if interest rates remain higher for longer to fight the sticky inflation rates in advanced economies. domestically, we have experienced relative macroeconomic stability this year with inflation oscillating at around 5. 0 percent in april and may, which is the mid point target range of the central bank of kenya ( cbk ). the foreign exchange market has also stabilized, and the shilling is one of the best ( if not the best ) perfoming currencies this year vis - a - vis the major currencies. on the growth front, the recently released economic survey 2024, shows that the kenyan economy recorded strong growth in 2023 of 5. 6 percent, driven by the rebound of the agriculture sector and robust performance of the services sector including the finance and insurance sector. while the recent flooding in parts of the country, caused considerable damage to lives and livelihoods, the economy is expected to remain strong in 2024. this will be supported by the resilient services sector, continued robust