the time being. overall, when looking ahead, we see no significant evidence of underlying domestic inflationary pressures building up in the euro area so that inflation rates should develop in line with price stability. however, there continue to be upside risks to price stability, relating mainly to oil price developments and their potential to lead to second - round effects stemming from wage and price - setting behaviour. in order to avoid this, it is important that the social partners continue to assume their responsibilities. as regards the monetary analysis, monetary and credit growth remain strong despite some moderation over the recent past. these developments mainly reflect the stimulative effect of the low level of interest rates in the euro area. as monetary dynamics over the past year have mainly been driven by developments in the most liquid components of m3, this continues to signal upside risks to price stability in the medium to longer term. to sum up, the economic analysis suggests that underlying domestic inflationary pressures remain contained. however, upside risks to price stability over the medium term need to be monitored closely. cross - checking with the monetary analysis supports the case for continued vigilance with regard to the materialisation of such risks. against this background, longer - term inflation expectations need to be monitored closely. as regards fiscal policies, recent information and forecasts suggest little progress in reducing fiscal imbalances in the euro area. a timely and full implementation of consolidation commitments is essential. this will strengthen the confidence of investors and consumers in the soundness of economic policies. at the same time, it is essential to implement, in a strict and timely manner, the revised stability and growth pact procedures, which are soon to enter into force, so as to underpin the credibility of the eu fiscal framework. the governing council has repeatedly argued in favour of structural reforms to improve the potential for higher economic growth in the euro area. authorities are aware of the structural obstacles and have taken important measures to address them, but continued reforms will be needed in order to keep up with the unavoidable challenges arising from an ongoing deepening in the division of labour at the global level, rapid technological change and population ageing. it is important to explain to the general public that these reforms will progressively deliver higher growth and lead to more job creation, and that, as a result, our societies will be better off. over recent years, uncertainties surrounding the structural reform agenda in some euro area countries appear to have hindered the necessary improvement in the confidence of consumers and entrepreneurs.

michael atingi - ego : bank of uganda's role in socio - economic transformation remarks by mr michael atingi - ego, deputy governor of the bank of uganda, at the bank of uganda town hall meeting, mbarara city, 15 march 2024. * * * distinguished leaders, esteemed guests, and valued members of mbarara city and ankore – good morning to you all. mureire mutta ba ssebo na ba nyabo? ( good morning, ladies and gentlemen? ) the bank of uganda ( bou ) is grateful to the leaders and residents of mbarara and ankore for the warm welcome and participation in today's town hall meeting. we thank all those who joined us yesterday as we explained the role of the bou and our approach to fulfilling our mandate. town hall meetings are vital for informing our stakeholders about the central bank's work and impact, addressing queries about the bou, and actively engaging with your valuable feedback. mary therese winifred robinson, the first female president of ireland, wisely said, " to make progress, we have to build a multi - stakeholder process, harnessing the appropriate energies. " similarly, we believe in multi - stakeholder solutions, leveraging diverse perspectives and the collective energy of individuals and groups to drive progress. therefore, your questions, comments, and opinions are essential in improving our performance in serving all ugandans. and so, we are eager to engage in an open and candid discussion about the bou with you today. james quinn wilson, an american public administration authority, once said, " agencies differ in two main respects : can the activities of their operators be observed? can the results of those activities be observed? " at the bou, we approach these questions with transparency and accountability as we carry out our mandate. transparently communicating the central bank's governance, policies, outcomes, and official relations fosters clarity, reduces uncertainty, and improves policy outcomes. this approach aims to secure public support, preserve operational independence, and enhance policy effectiveness. we recognise that central bank independence hinges on transparency, emphasising the importance of ensuring public understanding of our policies and actions. we are pleased to note that the bou stands among the few central banks reviewed under the new voluntary central bank transparency code by the international monetary fund. 1 / 5 bis - central bankers'speeches the imf's findings commended the bou's robust communications