value payment system launched on 30 june 2005 and introduced nationwide has significantly improved the payment methods of rural credit cooperatives and contributed to providing a level playground for the rural credit cooperatives. this pilot project of bank card services tailored for migrant workers is another important measure by the pbc to speed up rural financial infrastructure building and increase competitiveness of rural credit cooperatives. in recent years, thanks to the efforts of many parties, bank cards have seen rapid development in china. with issuance increasing significantly, card acceptance environment and payment function improving continuously, band card has become the most frequently used means of non - cash payment. but the development has not been evenly distributed among regions ; therefore we have always attached importance to introducing this modern payment instrument to rural areas and enabling farmers to benefit from it. this pilot project in guizhou represents a business innovation that offers migrant workers the convenience of withdrawing their deposit from a different location. it also helps broaden the business scope of bank card operating institutions such as card issuing banks, rural credit cooperatives and china union - pay co. ltd, brings a win - win situation for all and promotes a rapid development of the industry. this tailored service effectively offers another way for migrant workers to send money to their home town. according to statistics, there are more than a hundred million migrant workers in mainland china that produce fund flow totaling several hundred billion yuan between urban and rural areas each year. the flow is expected to increase by dozens of billion annually in the future. at the moment, the fund remittance system is not fully developed for migrant workers as the fund transfer mode is not diversified and takes a long time. the need of these workers for a convenient, safe and rapid way of transferring fund is yet to be satisfied and many of them have to personally carry large amount of cash home. with the opening of tailored bank card service, rural migrant workers can transfer the fund deposited at their place of work to the rural credit cooperatives at their hometown and withdraw cash at the rural credit cooperatives with a swipe of card, in a matter of several seconds. this not only offers a new way of fund transfer, but also helps migrant workers use card more than cash and build a socialist new countryside. comrades, the pilot project of bank card services tailored for migrant workers is of far - reaching significance. we should look at this project from the strategic point of serving the people and the economy in the rural areas and explore, through the project, effective ways and experiences of rural bank

a lack of stability orientation in other policy areas. our task today is therefore to build on our strengths, to take what has worked and to reinforce it. this does not require that we map out an entirely new vision for europe. it requires that we complete our original vision – to fulfil the economic and monetary union ( emu ) based on price stability that we set in motion in 1999. where europe works so what has worked well in europe? first and foremost, the single market supported by the single currency. bis central bankers ’ speeches the benefits of having a single market and a single currency have been proven, especially in this country. germany ’ s trade with the rest of the euro area increased from around 25 % of gdp in 1999 to almost 40 % of gdp in 2012. and contrary to a popular perception outside of germany, its trade with its euro area partners is now broadly balanced. similarly, almost 65 % of foreign direct investment in germany now comes from the euro area, and half of german foreign direct investment goes to other euro area countries. over this period, value chains have also extended across europe. on average, around 40 % of foreign value added in euro area exports comes from other euro area countries. this means that increasingly we can talk about goods being “ made in europe ” – with the german mittelstand standing at the centre of those supply chains. this economic deepening means that it makes less and less sense to think of competitiveness in terms of countries – or of countries being better off alone. each eu country, even germany, is too small to get along in a globalised world. it is connections between firms across europe that will create our industrial strength and competitiveness in the future. and by the same token, the success of german firms is an asset to the rest of europe. our single currency, the euro, has been vital in reaping the gains of the single market. and it has put an end to competitive devaluations and trade wars between our countries. a key condition supporting this process of economic integration has been price stability. the ecb has delivered price stability continuously since 1999. and we will do so in the future. we have been successful in delivering price stability because we have a clear alignment of objectives and instruments – what is called by economists the “ tinbergen principle ” after the dutch economist jan tinbergen. we have a primary objective of euro area price stability that is established in the eu treaty. and we have