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The Sixteenth Meeting of the Council on Economic and Fiscal Policy (CEFP) Tuesday, June 21, 2005 JAPANESE The Sixteenth Meeting of the Council on Economic and Fiscal Policy (CEFP) was held at the Prime Minister's Official Residence. At the meeting, the "Basic Policies for Economic and Fiscal Management and Structural Reform 2005" was submitted to Prime Minister Junichiro Koizumi. The "Basic Policies 2005" positions the challenges in the next two-year period as: 1) to create a "small and efficient government;" 2) to create a foundation that will allow Japan to tide over the declining birthrate, aging population and globalization for the dynamic new era to come; and 3) to overcome deflation and make private demand-led economic growth more certain. After the extraordinary Cabinet meeting, Prime Minister Koizumi commented in an interview with the press that, "This is an important basic policy in that it aims to further promote the reforms we have thus far advanced. The "Basic Policies 2005" sets a direction toward making the government as simple and efficient as possible. That is what I mean by 'leave to the private sector what it can do.'" The "Basic Policies 2005" was decided at the extraordinary Cabinet meeting on the same day and Prime Minister Koizumi released a statement. Related link: Statement by Prime Minister Junichiro Koizumi on the "Basic Policies for Economic and Fiscal Management and Structural Reform 2005" (Cabinet Decision)