be around zero percent for the time being. however, consumer prices are basically projected to continue falling slightly, since the imbalance between supply and demand in the economy remains considerable despite a gradual improvement. financial markets have been stable on the whole, even during the approach of the fiscal year - end at the end of march 2004 as the bank has been providing ample liquidity. the environment for corporate finance is becoming somewhat more accommodative on the whole, although it remains severe for firms with high credit risks. the lending attitude of private banks has been slightly more accommodative, and the issuing environment in the corporate bond and cp markets continues to be favorable. ii. conduct of monetary policy the main features of current monetary easing policy are as follows. first, the bank has been providing ample liquidity to the money market, with the outstanding balance of current accounts at the bank as the operating target for money market operations. second, the bank is committed to maintaining the quantitative easing policy until the consumer price index ( excluding fresh food, on a nationwide basis, hereafter the core cpi ) registers stably zero percent or an increase year on year. and third, the bank is working to strengthen the transmission mechanism to ensure that the effects of monetary easing permeate through the economy. the bank has been implementing additional measures since the autumn of 2003, as in the past, in line with these three main features. with regard to the bank ’ s provision of funds to the money market, it raised the upper limit of the target balance of current accounts at the bank by 2 trillion yen in october 2003, to provide scope for conducting money market operations in a more flexible manner. in addition, in january 2004, the bank raised the target range for the outstanding balance of current accounts at the bank by 3 trillion yen to around 30 to 35 trillion yen in order to reaffirm its policy stance of overcoming deflation and to ensure a continued recovery. regarding its commitment to maintain the quantitative easing policy, the bank released a more detailed description in october 2003. that is, the commitment to maintain the quantitative easing policy until the core cpi registers stably zero percent or an increase year on year is underpinned by the following two conditions. first, it requires not only that the most recently published core cpi should register zero percent or above, but also that such tendency should be confirmed over a few months. second, the bank needs to be convinced that the prospective core cpi will not be expected to

income for them. enabling them to lift themselves and their children out of poverty. i am convinced that over the next decade, we can together take substantial steps towards making these sustainable development goals a reality. financial authorities contribute to financial inclusion every single organization, whether in the public sector, or the private sector, should look at how it can contribute to these sdgs with their own activities. this is also what central banks do. it is the mission of de nederlandsche bank to safeguard a stable financial system, solid financial institutions and smoothly functioning payments. as a result of our mission, we contribute to sdgs such as decent work, economic growth and good infrastructure. earlier this year we reviewed our strategy and priorities. we have now set out the way forward for the next five years. i'm sure you do the same at your organisation too. our new strategy is called dnb2025. in it, we set out how we will fully integrate corporate social responsibility, or csr, in all areas of our work. and today ’ s subject, financial inclusion, is of course a big part of csr. our new strategy means we will systematically consider the csr impact of all our activities from now on. a holistic approach is needed to effectively stimulate financial inclusion we all know how financial inclusion can empower people so they can play a fuller role in society. when we talk about financial inclusion, we apply a broad and internationally - accepted definition. financial inclusion is not just about having good access to the financial system, it is also about having knowledge of financial products, and improving financial resilience of people and businesses. we need all three of these dimensions to make the most of financial products and services. only then can we – can you – make a fairer and more inclusive world. which also strengthens financial stability on the macroeconomic level. this holistic approach is not one - size - fits - all. it varies depending on the country, culture, regions and target groups. but again, it can only be effective when all three dimensions are covered. to stress this, i ’ d like to quote the wise words of two pioneers of financial inclusion : to begin with, sri mulyani indrawati, indonesia ’ s minister of finance and former head of the world bank group : “ financial inclusion matters not only because it promotes growth. but also because it helps ensure prosperity is widely - shared. access to financial services plays a critical role in lifting people out