its adoption was the end of 2014, but parliament has yet to approve the enabling law and establish the national resolution authority. * * * the monetary policy measures taken during the crisis, including the latest ones, the progress made in european economic governance, and the efforts of national governments have reduced the uncertainty that in recent years has weighed so heavily on economic activity in the euro area. this progress must not be put at risk but rather reinforced by laying the institutional foundations needed to shelter the stability of monetary union once and for all from turbulence originating at local level and to guarantee lasting prospects for growth. to strengthen monetary union permanently further steps must be taken towards political union, but the road ahead will be neither short nor smooth. in the immediate future, mechanisms can be identified to fill the gaps of an incomplete union by bringing to a satisfactory conclusion the reforms already launched and exploiting fully the instruments to hand. banking union can be, as originally intended, an important factor of stability for the euro area so long as we succeed in striking the right balance between the need to safeguard the stability of banks and that of enabling them to support the economy. exploiting fully the flexibility allowed under the fiscal rules to finance reforms to correct structural weaknesses should help to prevent crises rather than merely controlling and managing their consequences. over the longer term, a number of other areas for common action may also be identified, with a gradual, circumscribed pooling of financial resources. in our country efforts to make the economic environment more business friendly must be pursued unstintingly. any lasting recovery of investment requires savings to flow to firms not just through a fresh expansion of bank credit but also via increased direct access to capital markets, not confined to the largest firms. the most innovative sectors and those best able to create new jobs stand to benefit as a result. bis central bankers ’ speeches

emmanuel tumusiime - mutebile : introducing innovative services to meet credit needs in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the yearend stakeholders ’ function and sharing of compuscan ’ s vision 2012, kampala, 8 december 2011. * * * the board of directors compuscan information technologies, managing director compuscan crb limited, representatives of the development partners ( word bank, kfw, giz ), representatives of the participating institutions ( pis ), distinguished guests, ladies and gentlemen. i would like to welcome you all to this event to launch officially the compuscore and compuscan ’ s vision 2012. i would also like to thank the board of directors and management of compuscan crb for inviting me to preside over this function. credit markets are plagued by informational problems, and these problems are especially acute in developing economies. informational problems raise transactions costs, often to such an extent that potential borrowers are denied access to credit in the formal sector. the adverse consequences of informational imperfections for financial markets were analysed in the 1970s by joseph stiglitz and george akerlof ; work for which they received the nobel prize. the etymology of the word “ credit ” is the latin verb “ credere ” ; to trust or believe. unfortunately trust alone is rarely sufficient to ensure that a creditor will ever get her money back ; hence credit decisions must be made on the basis of accurate, reliable data. without such data creditors will be reluctant to risk their money. a key challenge for policy makers concerned with financial market development is how to design policy interventions which can mitigate informational imperfections and thus reduce their negative externalities. the kernel of the challenge is how to ensure that accurate and reliable information about those which wish to raise finance can be acquired in a cost effective manner by those who provide finance and bear the risk of doing so. credit reference bureaux provide an institutional solution to the problem. a well functioning credit reference bureau mitigates information related market failures because it is compulsory for all participants in the credit markets to provide and share information, in circumstances where they may have private incentives not to do so. furthermore, the pooling of information in a credit reference bureau reduces the social costs of acquiring information. this was the motivation for the bank of uganda, with the support of development partners – kfw, gtz