partner in the modernization of the national payment system as a key stakeholder in kenya ’ s banking industry. we are thankful for their role in facilitating and supporting the success of the automation and improvement of the national payment system. indeed, the central bank remains committed to creating, nurturing and strengthening partnerships with all stakeholders in the banking industry. finally, i would like to assure you all that the central bank will continue to provide a supportive regulatory environment for banks and other financial institutions to do business and to improve the payment systems. thank you all for your attention bis central bankers ’ speeches

mario draghi : imfc statement statement by mr mario draghi, president of the european central bank, at the thirty - third meeting of the international monetary and financial committee, washington dc, 15 april 2016. * * * the euro area economy is continuing on a path of gradual recovery, notwithstanding an external environment characterised by some further deceleration in economic growth and occasional bouts of financial volatility. but the outlook for euro area growth remains faced with uncertainty, mainly as a result of downside risks to growth prospects in emerging market economies, a clouded outlook for oil prices and their economic implications, and also geopolitical risks. given the new risks to the outlook for inflation, as well as the materialisation of some of the existing ones, the governing council of the european central bank has adopted a comprehensive package of monetary policy measures to further ease financing conditions in the euro area, stimulate bank lending and thereby reinforce the momentum of the euro area ’ s economic recovery and accelerate the return of inflation to levels below, but close to, 2 %. in order to reap the full benefits of these monetary policy measures, decisive implementation of structural reforms and greater progress towards sustainable and more growth - friendly public finances is necessary. such a combination of policy actions will not only lead to higher sustainable growth but will also make the euro area more resilient to global shocks. at the same time, this will be the best contribution the euro area can make in terms of promoting strong, sustainable and balanced growth in the world. the cyclical recovery in the euro area is largely supported by developments in private consumption, and more recently also investment. real gdp rose by 0. 3 %, quarter on quarter, in the second half of last year. recent data provide some mixed signals as regards the near - term outlook. while hard data show some improvement in january and february, survey data for the first quarter are consistent with a somewhat weaker growth momentum. nonetheless, the economic recovery in the euro area is projected to proceed at a moderate pace. domestic demand should be further supported by the ecb ’ s monetary policy measures, continued employment gains, the low price of oil and a slightly expansionary fiscal stance. the risks to this growth outlook remain on the downside, however, and relate mainly to the heightened uncertainties regarding developments in the global economy. headline inflation has remained low and its profile continues to be shaped by the path of energy inflation. in addition the recent partial unwinding of the past depreciation