expectations. similarly, the net effect of fiscal policy on spending may have been weak given that policy measures were probably perceived as temporary, potentially inducing savings in view of higher taxes expected in the near future to finance them. in any case, regardless of their actual effectiveness, the presence of highly expansionary fiscal and monetary stances suggests that the unsatisfactory recovery in advanced economies does not reflect a lack of stimulus measures. 2 on the other hand, recent negative supply shocks have affected the performance of the world economy and particularly that of the united states. these shocks included bad weather, high oil prices which have partly reversed course, and the tragic events in japan during the first quarter of 2011. yet, independently of their importance, these events have been transitory and, therefore, the extent to which they explain the sluggish rebound of advanced countries since 2009 is necessarily limited. the previous observations suggest the need to search for the existence of possible fundamental obstacles to a stronger economic recovery in industrialized countries. while in the current complex economic situation many factors certainly interact, some features stand out. in particular, in the united states, there seem to be two important sources of growth - limiting factors. one is the sequel to the financial crisis summarized by the consumer debt overhang, slow debt restructuring and foreclosed home sales, and high risk aversion and contingent questions about the effects of monetary policy on aggregate demand are found in frederic s. mishkin, “ monetary policy strategy : lessons from the crisis, ” nber working paper no. 16755, february 2011. for a discussion of the possible limitations of fiscal stimulus, see robert j. barro and charles j. redlick, “ macroeconomic effects from government purchases and taxes, ” quarterly journal of economics 126 ( 1 ) : 51 – 102, february 2011. bis central bankers ’ speeches reserve provisioning by banks. the resolution of the problematic debt and credit legacy from the previous asset price bubble, as illustrated by the large number of households with negative home equity, is taking a long time, as seems to be the case in the aftermath of any big financial crisis. this impasse contributes to an explanation of the virtual stagnation of mortgage lending and residential construction in the united states. 3 a second source of obstacles in the united states appears to be the unintended consequences from the corrective measures after the crisis, which might have resulted in heightened uncertainty. these actions include the discussions of eventual fiscal consolidation in terms of future higher

. 7. on the other hand, indonesia faces some challenges regarding the implementation of digital financial inclusion such as cash based mindset, lack of information of non - cash instrument, limited interconnection, coordination amongst stakeholders, and lack of infrastructure. 8. regarding the challenges as mentioned, indonesia has high concern to increase financial access, especially for unbanked and underbanked, through the financial inclusion policy. financial inclusion policy will eliminate the barriers for people to reach financial access. ladies and gentlemen, iii. presidential decree no. 82 year 2016 regarding national strategy of financial inclusion on september 1st 2016 9. financial inclusion has been considered as national priority for indonesia ; therefore in 2012, indonesia launched its national strategy for financial inclusion ( nsfi ) 1. with the vision to improve the coordination between ministries, bank indonesia, related institutions and bodies in implementing this strategy, nsfi has been amended and formulated as legal entities in presidential decree no. 82 years 2016 regarding national strategy for financial inclusion. 10. nsfi has 5 pillars and 3 enablers as follow : a. pillar 1 : financial education, aims to improve public knowledge and awareness about the formal financial institutions, financial products and services, as well as to improve public ’ s skills in financial planning and management. b. pillar 2 : public property rights, aims to expand the guarantee thus people could access credit from formal financial services. c. pillar 3 : financial intermediation facility and distribution channels aims to expand the range of financial services to meet the needs of the different groups of people. d. pillar 4 : financial service in government sector, aims to improve the governance and transparency of public services in 1 in nsfi, financial inclusion is defined as : a condition when every individual has access to a wide range of quality formal financial services in a timely, clear, and secure with affordable price according to the needs and capabilities in order to improve their welfare the distribution of government funds. this can be achieved by distribution of aid through non cash which is expected to increase targeting accuracy, quantity, price, time, quality, and administrative. e. pillar 5 : consumer protection, aims to provide a sense of security to the community to interact with financial institutions, and take advantage of the products as well as financial services and payment systems offered. principle of consumer protection are transparency, equal treatment, reliability, confidentiality and security of data / consumer information, and complaint handling, as well as consumer dispute resolution in a simple, fast, and affordable cost. 11