is to which extent it will offset the slowing down in the us, knowing that we are all interdependent. i will not make use myself of the expression “ decoupling ”. i think that decoupling does not capture the fact that we are all interdependent. but decoupling, in a way, captures the fact that asian emerging economies can partially offset the slowdown in the us. you used the word “ unusually high uncertainty ” in your introduction statement. what does “ unusually high uncertainty ” mean? and the inflation rate in the eurozone is now above 3 %. will inflation expectations be more moderate in the medium term? your question is very pertinent, because we only have one needle in our compass and the needle in our compass is price stability. we analyse absolutely all parameters and all influences with this idea that we have one needle and that we have to deliver price stability in the medium term. and again that is very important, and as you see i take all occasions to utilise this message, which is very well known. we have this mandate of price stability that is clear. we trust that by delivering price stability in the medium term and by being credible in the delivery of price stability in the medium term we anchor inflationary expectations. by doing so, we are delivering a necessary condition for sustainable growth and job creation and also in a period of turbulences for markets to be as stable as possible. i mentioned, on behalf of the governing council, the fact that as regards the real economy, we were in an unusually high level of uncertainty and that is very explainable because of the financial market turbulence. this market correction of great amplitude, that we are observing, creates an additional element of uncertainty as regards the future evolution of the real economy. but again, that being said, the needle in our compass is price stability. and it is not only our clear mandate but it is also what the people of europe, our 320 million fellow citizens, are asking from us. why don ’ t you use the instrument of hump? as regards the headline consumer price index i utilised the expression of a protracted period of high level of inflation, which will be progressively reduced, in the course of the year, to go down over the medium term to our definition of price stability. would you like to explain how price stability in the medium term brings job creation and long - term economic growth in the eurozone and not raising taxes? i

utilisation of large value payment system by all stakeholders including the government ; 5. enhancing and retaining skills in oversight of payment systems ; 6. ensuring effective cooperation between different regulatory authorities in the regulation of payment systems ; 7. maintaining and enhancing market competition and cooperation in the development and operation of payment systems ; and 8. ensuring consumer protection in payment system services. i am glad that this workshop is going to address these key issues and challenges with respect to the above and i am confident that the rich discussions you are going to hold and the lessons of experience you are going to share will not only enhance your skills but also bring out pertinent issues that require to be addressed when you go back to your home countries. ladies and gentlemen ; let me take this opportunity to express my gratitude to the northwest university, south africa, the south african reserve bank and the reserve bank of zimbabwe for releasing their officials to share with us their knowledge and experience at this workshop. to all of you, i wish you the best and i encourage you to participate actively during the presentations and discussions. use every opportunity to tap from the vast experiences of the resource persons during these five days. last but not least, i wish to thank the mefmi secretariat for organising this important workshop and for choosing zambia as the venue. with these remarks, ladies and gentlemen, i declare this workshop officially open.