quality of service delivery of financial services, increase access to financial services by developing a rural finance policy and strategy and lastly delivering effective financial education. notwithstanding the work done through the fsdp, the financial sector in zambia still faces a number of major challenges. access to financial services among the adult population is at 37. 3 %, the cost of accessing financial services is still high, the quality of financial service bis central bankers ’ speeches delivery can do with some improvement and financial literacy remains low and presents an important factor in explaining the low level of financial inclusion that we see in the country today. the fsdp, honourable ministers, therefore, remains work in progress. i would like, however, to mention some milestones which have been achieved under this programme in order to underscore its potential as a tool for transforming for the better, zambia ’ s financial sector landscape. under the fsdp, we have witnessed the establishment of the credit reference bureau which is beginning to play an increasingly important role in helping financial institutions better manage credit risk, which in turn, should feed into less expensive credit. a draft rural finance policy and strategy aimed at improving finance to rural areas has also been completed and awaits implementation. another important exercise accomplished has been the law review exercise which has reviewed all existing legislation in the financial sector with the view to modernise, harmonise them and ensure that the different legislations speak to each other rather conflict each other. consequently, we will be submitting to government amendments to various laws, including those in banking, insurance and the capital market. another significant accomplishment under the fsdp has been work done so far in formulating a national strategy for financial education. this initiative grew out of the recognition of the fact that financial institutions and certain ngos that were engaged in promoting various financial education activities and programme were operating in isolation. what was clearly missing was a coherent and well - co - ordinated strategy among these organisations for delivering an effective education to enhance financial literacy and inclusion. consequently the fsdp identified the need to develop a coordinated approach to financial education as a meaningful way of bringing progress to this process. it therefore, started its intervention by commissioning a stock taking study of financial education efforts taking place in zambia in order to establish its true status. dfid provided financial support in the form of technical assistance which enabled the fsdp to recruit finmark trust to carry out the study. subsequently, a report was produced and presented to various stakeholders in november last

standardised securitisation you are discussing are tangible examples of how eu legislation can broaden financing opportunities for eu companies, foster cross - border investment and ultimately have a positive impact on the eu investment outlook. at national level, reforms to improve business framework conditions and reduce regulatory and administrative bottlenecks also need to be further pursued. it is the whole institutional framework that helps to transform financial resources into productive investments, which, in turn, increase productivity and, ultimately, create jobs. inefficient public procurement, taxation systems, judicial systems and insolvency frameworks, identified in some countries, need to be fully addressed. country - specific recommendations can be a powerful tool to identify and address barriers to investment in individual countries. moreover, those countries where public finances allow, should undertake public investment in areas conducive to growth. regarding other countries, let me mention that long - term investment benefits from stability - oriented macroeconomic policies. finally, investors need certainty regarding the economic and institutional environment in which they will operate. this is also one of the reasons why, almost one year ago, the five presidents ’ report set out a plan for strengthening europe ’ s economic and monetary union ( emu ). conclusions allow me to conclude. looking ahead, we expect the economic recovery to proceed at a moderate but steady pace. nevertheless, for this recovery to be consolidated, our efforts should now concentrate on strong policy action to improve the business environment, favour investment and raise productivity. delivering on these objectives will not only create the conditions for inflation to accelerate its return to levels below, but close to, 2 %. it will also make a major contribution to improving the standard of living of the people of europe. citizens and markets need to be sure about our capacity to take on the common challenges we face. our focus should be on making our common home, europe, stronger. thank you for your attention. i am now at your disposal for questions. bis central bankers ’ speeches