speech klaas knot - “ the case for ﬁscal stabilization in a low interest rate environment ” ( c ) @ marieke bijster / dnb in his witteveen lecture at the erasmus school of economics today klaas knot argued for a greater role of ﬁscal policy to stabilize the economy in the current low interest rate environment. he pointed out that the current ﬁscal framework in the emu, despite its merits, is not well equipped to deliver that. “ in order to make our monetary union more stable, we need a ﬁscal framework that enhances coordination between member states and allows for a better alignment of monetary and ﬁscal policy over the entire economic cycle. ”, he said. thank you. it is a great honor to give this lecture. a lecture that bears the name of a man who has greatly influenced economic policymaking. both in theory and in practice, both at home and abroad. i saw johan witteveen a few times in the late 1990s, when i worked at the imf. as a former managing director he still had his office at the fund, and he regularly visited to discuss economics and share his views with imf staff. although i never intensely spoke to him one - on - one, it was clear to me that after all those years he was still a very respected economist, and that he was held in the highest esteem by those around him. in fact, watching him from a distance, it was easy to imagine john maynard keynes himself walking there, in the corridors of the institution of which he was the spiritual father. the association with keynes is not so strange because, of course, witteveen was a keynesian economist. he held the view that fluctuations in aggregate demand can create business cycle fluctuations. and because markets do not always adjust smoothly, he believed that both monetary and fiscal policy have a role to play in dampening these fluctuations. and that their effectiveness in stabilizing the economy depends on how they interact with one another. witteveen ’ s views on the importance of monetary and fiscal stabilization policies are highly relevant today. in his spirit, today i will present a case for a more active role of fiscal policy in stabilizing the economy, in a world with persistently low interest rates. i will start by briefly reviewing some of the conventional channels along which monetary and fiscal policy interact in normal times, when interest rates are much higher than they are now. we

caroline abel : launch of nebula fintech limited remarks by ms caroline abel, governor of central bank of seychelles, at the launch of nebula fintech limited, beau vallon, 30 january 2024. * * * vice president, mr ahmed afif, president and chief executive officer of the trade and development bank mr. admassu tadesse, ministers, board members, management and staff of nebula fintech limited distinguished guests, ladies and gentlemen, good morning. i am pleased to have been afforded the opportunity to say a few words, on behalf of the central bank, as nebula fintech limited becomes the newest payment service provider to step into the seychelles financial services landscape. as we are all aware, technology is transforming the design and delivery of financial services and products across the globe, and seychelles cannot be left behind. with this, there is an increased need and interest for new players other than traditional banks to enter the market and offer payment solutions. against this backdrop, the central bank has been actively working towards modernising the financial sector over the last few years by introducing new systems and appropriate legislation that would encourage and facilitate the introduction of innovative financial products and services. the launch of airtel seychelles'mobile money transfer service in 2015, licensed by the central bank, marked the introduction of e - money in the local financial system. nebula fintech limited joining the dynamic and evolving financial services landscape almost a decade later, facilitated by the national payment system e - money regulations, enacted in 2022, symbolises further efforts and progress made to put in place the necessary frameworks to encourage more innovation in the local payments sphere. leveraging innovative financial solutions to support the country's digitalisation agenda is one of the strategic priorities outlined in the central bank's new strategic plan with the aim of maintaining financial stability. hence, pushing forward with the country's modernisation and fintech journey will undoubtedly see continuous collaboration between the relevant stakeholders to develop new initiatives that will spur innovations that respond to the needs and specificities of the various segments of the population. this is key to stimulating competition, increasing consumer choice and fostering access to convenient, affordable, reliable, efficient and safe financial products and services. the relevant regulatory and supervisory frameworks will also be developed and adjusted to ensure the mitigation of potential risks that these developments can bring. 1 / 2 bis - central bankers'speeches it is hoped that the e - money services and other payment solutions that will be offered by nebula fintech limited will