Financial developments  Financial markets have been generally stable, including through the fiscal year-end at the end of March 2003, reflecting ample liquidity provision by the Bank. However, stock prices continue to be volatile, against the background of uncertainty about the economic outlook both at home and abroad.
We need to keep financial system regulation up to date as well and make quite a few changes and additions to it in the course of time. My term as governor is coming to an end. In about two weeks time, I will hand over the presidency of the Dutch Central Bank to my successor, Klaas Knot.