inflation to levels that are below, but close to, 2 % over the medium term. regarding fiscal policies, an ambitious and coordinated fiscal stance remains critical, in view of the sharp contraction in the euro area economy. measures taken in response to the pandemic emergency should as much as possible be targeted and temporary in nature. the three safety nets endorsed by the european council for workers, businesses and sovereigns, amounting to a package worth €540 billion, provide important funding support in this context. at the same time, the governing council urges further strong and timely efforts to prepare and support the recovery. we therefore strongly welcome the european commission ’ s next generation eu proposal, which is dedicated to supporting the regions and sectors hardest hit by the pandemic, to strengthening the single market and to building a lasting and prosperous recovery. it is important for the european leaders to quickly agree on an ambitious package. in order to reach its full potential, the european union ’ s recovery and resilience facility will need to be firmly rooted in sound structural policies conceived and implemented at the national level. well - designed structural policies could contribute to a faster, stronger and more uniform recovery from the crisis, thereby supporting the effectiveness of monetary policy in the euro area. targeted structural policies are particularly important to rejuvenate our economies, with a focus on accelerating investment in priority areas such as the green and digital transitions. we are now ready to take your questions. 3 / 3 bis central bankers'speeches

country in the world to use this new security feature. on the 50 and 20 dollar notes, we have retained the “ multi image hologram ” or the round silver foil, but instead of having both of them of the same shape we have different shapes – the 50 dollars have the shape of a turtle and the 20 dollars the shape of a fan. on counterfeits, i wish to clarify that in relation to the total value of currency in circulation, the combined value of counterfeits is extremely negligible at. 0009 percent. we obviously cannot completely eradicate counterfeits. however, we are well aware of the importance of safeguarding at all times public confidence in our currency. the bank will therefore continue to work with the fiji police force to renew media awareness on the security features of our currency notes. for the first time, fiji ’ s banknotes will vary in length to help the visually impaired. the 100 dollar note will be the length of our existing banknotes. the length of the lower denomination will progressively reduce by 5 millimetres. this means that the two dollars will be the shortest note being 25 millimetres less than the 100 dollar note. the notes will all have the same width as the current notes. i am confident that we will be proud of our new banknotes. in the next two weeks, we will be starting a public awareness campaign to inform the public of the new notes. the new banknotes will go into circulation from 10 april. the new and the “ existing ” notes will circulate side by side until the existing notes go out of circulation. both designs are of course legal tender. with the introduction of the 100 dollar banknote, we have the same highest denomination with developed countries like the united states, australia and new zealand. the united states has stated that it is not raising its highest banknote above 100 dollars. i believe that it would be a very, very long time before fiji will think again about raising its highest bank note. once again, i express our sincere thanks to his excellency, the president for agreeing to be our chief guest. we are indeed honoured that you have graced the occasion with your presence today. i now have the pleasure of inviting his excellency to address us.