through the financial system and are benefiting the real economy at large by ensuring very favourable financing conditions. at the december meeting, the governing council saw the need for the recovery to further mature and strengthen to ensure a sustained convergence of inflation rates towards levels below, but close to, 2 % over the medium term. for this to happen, financing conditions have to remain supportive, taking remaining uncertainties inside and outside the euro area into account. we therefore decided to safeguard the amount of monetary easing for the period ahead. against this background, we decided to extend the asset purchase programme beyond march 2017, with the intention of conducting our purchases until the end of december 2017 or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the 1 / 4 bis central bankers'speeches path of inflation consistent with its inflation aim. we will continue to purchase assets at a monthly pace of €80 billion until march. starting from april, our net asset purchases will run at a monthly pace of €60 billion, and we will reinvest the securities purchased earlier under our programme, as they mature. this will add to our monthly net purchases. our december decisions strike a balance between our growing confidence that the euro area ’ s economic prospects are firming up, and – at the same time – the lack of a clear sign of sustained convergence of inflation rates towards the desired level. on the one hand, the evidence suggests that the acute deflation risks have disappeared and that inflation is set to pick up over the coming years. and contrary to a widespread perception, euro area economic conditions have also been steadily improving. euro area gdp growth has been solid in every quarter since the beginning of 2015, averaging 1. 9 percent in annualised terms. compared to 2013, there are 3. 5 million fewer unemployed in the euro area, a decrease by more than 18 %. and in the last quarter, the recovery has been broadening across sectors and across countries. indeed, the dispersion of value added growth across euro area countries and sectors has declined sharply and stands close to its lowest level since the introduction of the euro. but support from our monetary policy measures is still needed if inflation rates are to converge towards our objective with sufficient confidence and in a sustained manner. the pickup in headline inflation in december and in january largely reflects sizeable upward base effects and recent increases in energy prices. so far underlying inflation pressures remain very subdued and are expected to pick up only gradually as we go on. this

agus d w martowardojo : inauguration of indonesia payment system forum speech by mr agus d w martowardojo, governor of bank indonesia, at the inauguration of indonesia payment system forum ( fspi ), jakarta, 27 august 2015. * * * distinguished, • minister of finance of ri, bambang brodjonegoro • minister of trade of ri, thomas lembong • member of board of commissioners of financial services authority, firdaus djaelani • deputy commissioner for bank supervision financial services authority, mulya e. siregar • deputy governor of bank indonesia, ronald waas • director general for treasury of ministry of finance, marwanto harjowiryono • director general for domestic trade of ministry of trade, srie agustina • director general for application and information of ministry of communication and information, bambang heru tjahjono • chair of indonesia payment system association, darmadi sutanto • officials of ministry of finance, ministry of trade, ministry of communication and information, and financial services authority • heads of working units in bank indonesia • distinguished ladies and gentlemen, assalammualaikum wr wb, good afternoon and may god bless us all, “ salam ” 1. to begin our meeting this afternoon, i would like to invite all of you to praise god the almighty. because of god ’ s blessings, we have the opportunity to gather to witness the inauguration of indonesia payment system forum or fspi. please also allow me to extend my gratitude and appreciation to all parties supporting the process of fspi establishment. 2. as a cross - institutional forum, fspi is expected to become a forum of effective coordination, communication, and harmony between bank indonesia, financial services authority, ministry of finance, ministry of trade, and ministry of communication and information in supporting the implementation and development of payment system in indonesia. 3. with a close synergy through fspi, it is expected that a smooth, safe, efficient, and reliable national payment system for all indonesian people may be realized. furthermore, all stakeholders will also benefit from the planned collaboration. bis central bankers ’ speeches distinguished ladies and gentlemen, “ background of fspi establishment ” 4. following the current development of indonesia ’ s economy, we observe at least 3 ( three ) issues of indonesia ’ s economic management under the international spotlight. first, the ability in execution and implementation of policies. second, transparency in policy