closer to 2 % and safeguard the anchoring of medium to long - term inflation expectations. nevertheless, with policy interest rates close to the effective lower bound and persistently timid growth prospects, there is a small, but non - insignificant risk that any additional adverse shock may open the door to a more protracted period of low inflation. against this background, i would like to organise the rest of my remarks today around three issues. first, why do we find ourselves in the current, low inflation predicament? i sustain that inflation fluctuations have been somewhat surprising ever since the beginning of the great recession. in part, they were the result of adverse exogenous shocks. to some extent however, they were also connected with unwarranted variations in markets ’ expectations of the future stance of monetary policy. second, i will argue that the governing council meeting at the beginning of june is important not only for the decisions that were actually adopted. it is important also for the clear signal that we provided about the determination to do more in the future, in the event of additional downward pressures on inflation. i will develop these two points which deal with the way our recent policy decisions will produce effects. the third question is : how would the ecb react, should the risks of a protracted period of low inflation materialise? at this point in time, this is essentially a scenario analysis – and specifically an analysis of a low probability scenario. outright purchases of a range of financial assets would be effective in this situation, but structural reforms would also be essential to spur economic growth. see giannone, d., m. lenza, h. pill and l. reichlin ( 2011 ) : “ non - standard policy measures and monetary developments ”, ecb working paper series no. 1290 ; de pooter, m., r. f. martin, and s. pruitt ( 2012 ) : “ the effects of official bond market intervention in europe ”, federal reserve board of governors, mimeo ; eser, f., and b. schwaab ( 2013 ) : “ the yield impact of central bank asset purchases : the case of the ecb ’ s securities markets programme ”, ecb working paper series no. 1587 and ghysels, e., j. idier, s. manganelli, and o. vergote ( 2014 ) : “ a high frequency assessment of the ecb securities markets programme ”, ecb

to adapt the programme to further strengthen quality assurance, respond to the challenges, and safeguard against any “ mis - education ” of consumers. i urge members to continue using the website and trainers manual as the primary source of information in their training. it is important that our starting point in educating consumers is the same. when in doubt, please always refer to the financial literacy strategy that was launched in august 2013 by the honorable minister of finance, planning and economic development ( mofped ). on our part, we reiterate our commitment both in terms of financial and human resources to further bolster the financial and economic education agenda in uganda. we are also working closely with the requisite ministries, departments and agencies of government to ensure that the diversity and quality of institutions providing financial services expands, and that they are well regulated. to that end, i trust that once the amendments to the financial institutions act and the regulations for the tier - four institutions that are being considered are passed into law, we shall have more ugandans served and probably more efficiently. as i conclude my remarks, i once again thank the members present here today for the tremendous work thus far. however, we must not rest on our laurels as a lot remains to be done. i thank you all and wish you good deliberations in the meeting. it is now my pleasure to declare the financial literacy information sharing group ( flisg ) meeting open. bank of uganda statistics department. bis central bankers ’ speeches