The Phillips curve seems to survive the recent reassessment and is still a valid tool of analysis in the euro area, meaning that a sustained recovery in inflation is conditional upon real activity and inflation expectations. The link between inflation and real activity appears to have strengthened in the euro area recently.
Ladies and Gentlemen: I am delighted to note that the FinAccess Survey, 2013 results bears witness to the above gains made in enhancing the reach and coverage of financial services to Kenyans. It shows that the proportion of the adult population using formal financial services rose to 66.7% in 2013 from 27.4% and 41.3% in 2006 and 2009, respectively.