The use of rigorous, objective and reliable data helps to accurately assess the state of financial inclusion, set realistic goals, identify obstacles, design relevant policies and monitor and assess the impact. Based on this premise, several international initiatives have been launched to contribute to the development of standard indicators and study tools in order to better understand the components of financial inclusion and better analyze their impact on financial stability and integrity as well as on economic development and the population’s wellbeing. It is within this framework that the World Bank and the International Monetary Fund have developed surveys specifically designed to assess financial inclusion from the “supply” and “demand” side. The Global Findex is currently the most comprehensive global database to assess the financial behavior of individuals by analyzing the use of financial services in nearly 140 countries. 3  The IMF’s Financial Access Survey, conducted annually since 2009, is another important source of data on financial inclusion. It provides an overview of the availability and use of financial services by individuals and firms by collecting appropriate information from various providers of financial services. Data collected through these surveys have enabled policymakers in several countries to benefit from the opportunities identified to further promote financial inclusion. They also provide analysts with a reliable basis for understanding the causal links between financial inclusion and financial stability, on the one hand, and between inequality and economic growth, on the other.

Niklaus Blattner: Financial market infrastructures facing technological, economic and regulatory challenges Summary of a speech by Mr Niklaus Blattner, Deputy Chairman of the Governing Board of the Swiss National Bank, at the XI AWK Group Financial Services Lunch, Zurich, 20 September 2006. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Smoothly and efficiently functioning financial market infrastructures form the backbone of the International Financial Centre of Switzerland. The future of these infrastructures will largely hinge on trends in Europe, which point to stronger consolidation. However, healthy competition is the prerequisite for investment and innovation incentives in a consolidated stock market and settlement environment. This would also contribute to reducing the existing inefficiencies, in particular with regard to the processing of cross-border transactions. Yet a competitive environment will develop only if market participants can choose freely among the different providers and if the infrastructures are interoperable, i.e. if the providers grant each other and their participants mutual non-discriminatory access. At present, competitive obstacles exist at the technological, economic and regulatory levels. For instance, costs for changing providers are high. Moreover, financial market infrastructures are often operated in “silo” mode – either explicitly or implicitly – with clearing and settlement being handled by only one provider. But silos impede competition. A suitable regulatory framework must therefore be created to strengthen competition.