. 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

yves mersch : challenges for completing europe ’ s economic and monetary union speech by mr yves mersch, member of the executive board of the european central bank, at the mni connect event, singapore, 13 october 2015. * * * over the past few months, europe has faced two exceptional challenges. first, there was the new adjustment programme for greece. and second, there has been the large influx of refugees, a challenge that is very far from the competences of the european central bank ( ecb ). though very different in nature, these two events offer a common lesson for future challenges that we will collectively face : that europe is strong only when it acts on the basis of solidarity and cooperation. i would like to talk about two further topics of importance today : first, the ecb ’ s assessment of recent economic developments and their implications for our monetary policy stance ; and second, the necessity for completing europe ’ s economic and monetary union. over the summer, industrial production and other indicators of economic activity in the euro area have shown signs of resilience. yet at the same time, the macroeconomic environment has become more challenging. the ecb ’ s latest macroeconomic projections indicate a weaker economic recovery and a slower increase in inflation rates than was expected earlier in the year. inflation will remain close to zero in the very near term, before rising again towards the end of the year. it will take somewhat longer than previously anticipated for inflation to return to a rate that we consider sufficiently close to 2 % and stabilise at that rate. three main causes underpin these developments : first, decelerating growth in emerging market economies ; second, a stronger euro ; and third, the fall in oil prices and commodity prices more generally. the consequences are renewed downside risks to the outlook for growth and inflation. it is too early to judge whether these factors will cause lasting changes to the trajectory that the ecb expected inflation to follow. in particular, more time is needed to determine whether the loss of growth momentum in emerging markets is temporary or permanent in nature and to assess what is driving the fall in commodity prices and to what extent falling oil prices will have second round effects. as always, we will be closely monitoring all relevant incoming information and its potential impact on price stability. the monetary policy measures that we have in place – including the tltros or ‘ targeted longer - term refinancing operations ’ – continue to have a favourable impact on the cost and availability of credit