Status CBDC projects in different countries  Bahamas: CBDC live  ECCB*: CBDC Live pilot  Finished pilot Ongoing pilot Analysis ”Wholesale” project or pilot No information available *Eastern Caribbean Central Bank  Source: Updated data from BIS website from Auer et al. (2020) 23  21 See Fahlbeck (1900). 22 https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/notices/2020/the-riksbank-  six-other-central-banks-and-bis-in-collaboration-on-principles-for-central-bank-digital-currency-cbdc/Riksbank, see also Image 1. 23 The ECCB has an ongoing pilot project that is available to all, and therefore classified at “live” by the BIS. 10 [35]  The financial system has become more integrated – and risky The financial systems in Sweden and abroad have grown rapidly in recent decades and become increasingly large parts of economies, which is often termed financialisation. In the mid-1990s, the financial sector’s assets in Sweden were six times greater than GDP, while today they are almost 14 times greater, see Figure 2. The fact that the financial system is large and functions well benefits economic developments. It contributes to the payment system functioning, it channels saving to the most productive investments and it spreads out the risks in the economy. At the same time as the financial system has grown, the financial markets in different countries have become increasingly integrated with one another. This is also essentially a positive development, as it increases competition and improves efficiency. But a larger – and more integrated and innovative financial system – also makes new demands of monetary policy and financial market policy.

Zeti Akhtar Aziz: Nurturing young talent in Malaysia Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Kijang Emas Scholarship Award Ceremony for High Achievers, Kuala Lumpur, 6 May 2014. *  *  *  While the global economy continues to face uncertainties and significant challenges, the Malaysian economy has every potential to remain on a steady growth trajectory and move up the value chain. This is however only achievable if we can nurture the required talents. Talent development strategies and implementation is therefore one of the key priorities of the nation. We need to invest in our talent pipeline The Kijang Emas Scholarship Award is an eminent scholarship award reflecting the Bank’s commitment in creating a sustainable talent pool for the nation. The Kijang Emas scholarship is distinct from the Kijang scholarship whereby the recipients are given the freedom to pursue any field of study at top-notch universities in any country of their choice. The Bank also does not impose any bond on the recipient except that they return, contribute and take part in the progress and development of our beloved nation. To date, 42 high potential talent have been awarded the Kijang Emas scholarship. The recipients are currently pursuing their studies in diverse field of studies including Medicine, Dentistry, Genetics, Biochemistry, Dietetics, Physics, Engineering, Law, Psychology and Architecture in top universities around the world such as M.I.T., University of Pennsylvania and the University of Cambridge.