The 15th Meeting of the Council on Economic and Fiscal Policy Thursday, June 26, 2003 The 15th Meeting of the Council on Economic and Fiscal Policy was held at the Prime Minister's Official residence. "The Basic Policies for Economic and Fiscal Management and Structural Reform 2003" were decided and a report was compiled at the meeting. The Basic Policies for 2003 have compiled issues to be tackled based on examination and evaluation of structural reform and the current economic situation, while adhering to the principles demonstrated in the previous two editions of the Basic Policies. Specifically, under the idea that the only way to realize sustainable, rather than temporary economic growth, is to realize a "vibrant Japanese economy," which is achieved by promoting structural reform while overcoming deflation, the Basic Policies have clarified targets to be pursued of "economic revitalization," "ensuring the 'security' of the people," and "establishment of a fiscal administration which can bear responsibility for the future generation," and stated concrete measures to be taken in seven areas to this end. In addition to demonstrating a principle of economic and fiscal management for FY2004, the Basic Policies compile the following elements with regard to the FY2004 budget: (i) adherence to the policy of the reform of the government expenditures; (ii) idea of priority and reduction; and (iii) reform of the main budgetary items. In response to the report, the Prime Minister said that he would seek swift Cabinet decision and make the Basic Policies as a Government's basic policy, emphasizing that the deflation would eventually be overcome and a "vibrant Japanese economy" supported by "vibrant regions" with individuality and charm would be realized as a result of the reform.