This should be coupled with easier access to credit for productive enterprises - especially micro, small and medium-sized enterprises (MSMEs) – and reforms to foster technological change and productive diversification in line with the changing structure of the global economy. In the above recognition and its continued quest to contribute to unleashing the potential of local MSMEs, the Bank of Zambia hosted a strategic forum on the role of finance in this area, in June this year. As a follow-up, the Government is working closely with stakeholders and the cooperating partners in improving availability of financial resources to MSMEs. Further, some provision has been included in the 2013 Budget. Distinguished participants MSMEs could play an important role in creating employment and spurring growth. However, their competitiveness is undermined by inadequate infrastructure, limited access to financial and business services. Stakeholders can help small firms to integrate in, and reap more benefits from local and international value chains, by facilitating the provision of business services, among which continuous skills development is paramount. An important policy question is how to address the constraints which affect the capacity to grow and generate earnings of MSMEs, very often informal that operate in traditional sectors and account for the bulk of jobs in our country. This feat, ladies and gentlemen, can only be achieved gradually, as the drivers of informality are usually multiple and deeply rooted in long-standing development gaps and weaknesses.
The ECB’s asset purchases are being expanded in terms of both size and composition: the monthly purchase volume has been increased from € billion to € billion and the universe of eligible assets now includes non-bank corporate bonds. Purchases are intended to run until the end of March 2017 – or beyond, if necessary – , and in any case until the Governing Council sees a sustained adjustment in the path of inflation to levels close to 2% over the medium term. Taking into account the current outlook for price stability, the Governing Council expects the ECB’s key policy rates to remain at present or lower levels for an extended period of time, well past the horizon of the net asset purchases. We are confident that the very accommodative monetary policy stance will provide further support to the euro area recovery and will accelerate the return of inflation to levels that we consider to be consistent with our objective. The Governing Council has done and, within its mandate, will continue to do whatever is needed to pursue its price stability objective. Our very accommodative monetary policy stance has provided considerable support for the euro area recovery. By supporting growth prospects, our actions have also been beneficial for financial stability.