digital esg credentials for msmes worldwide. project savannah aims to simplify the esg reporting process for msmes by leveraging on digital initiatives such as mas'project greenprint, to generate esg data credentials that can be housed in msmes'lei records. msmes will thus be able to transmit verified entity information and key esg data to their business partners, strengthening their ability to gain access and be included in global financing and supply chain opportunities. through simplified reporting, the harnessing of technology, and partnerships with the undp and gleif to promote accessible data and capacity development, project savannah will help msmes progress on their sustainability journey. the undp, gleif and mas are already consulting regulators, financial institutions and real economy corporations to refine the project's scope and execution. these engagements will culminate in a multi - jurisdictional pilot targeted to be launched at cop28 in dubai later this year. the third theme of our collaboration is enhancing training for msmes. msmes will need to be continuously trained to navigate an increasingly complex operating environment. we must find a way to deliver training in a harmonised and costeffective manner. mas, undp and ifc launched an open financial education learning hub in 2022 for msmes called the sme financial empowerment programme or sfe. with a curriculum curated from leading universities, financial institutions and industry practitioners, the sfe provides msmes with a knowledge base on foundational financial literacy, international financial literacy, green financing and reporting, and understanding of cross - border business and foreign exchange financial instruments. undp has contributed its expert educators, domain knowledge speakers, and has supported wider collaborations with un member states. thus far 7, 000 msmes from 61 countries have benefitted from sfe. let me conclude. this promising start on a set of compelling global public goods that i have shared so far would not have been possible without the support of undp and the un global center for technology, innovation and sustainable development. development with consensus is not an easy task. and the task is going to become more challenging as the world diversifies into distinct ecosystems. no country can do it alone yet all could benefit from these efforts. 4 / 5 bis - central bankers'speeches i look forward to further support from like - minded partners to make progress in delivering public goods more globally, which can benefit msmes around the world and ultimately enrich the lives of our people. i wish you a meaningful dialogue ahead

paper series, no 1747, ecb, december. 5 / 6 bis central bankers'speeches 9 the fiscal stance is measured as the change in the cyclically adjusted primary balance net of government assistance to the financial sector. 10 see knotek, e. s. and zaman, s. ( 2014 ), “ on the relationships between wages, prices, and economic activity ”, economic commentary, august ; bidder, r. ( 2015 ), “ are wages useful in forecasting price inflation? ”, frbsf economic letter. 11 bobeica, e., ciccarelli, m. and vansteenkiste, i. ( 2019 ), “ the link between labor cost and price inflation in the euro area ”, working paper series, no 2235, ecb, february. 12 bobeica et al., op. cit. 13 see head, a., kumar, a., and lapham, b. ( 2010 ), “ market power, price adjustment, and inflation ”, international economic review, 51 ( 1 ) : 73 – 98 ; and taylor, j. ( 2000 ), “ low inflation, pass - through and the pricing power of firms ”, european economic review, 44 : 1389 – 1408. 14 bobeica et al., op. cit. 15 see hahn, e. and o ’ brien, d. ( 2018 ), “ monitoring the exchange rate pass through to inflation ”, box 3 in economic bulletin, issue 4, ecb. 16 see koester, g. and guillochon, j. ( 2018 ), “ recent developments in the wage drift in the euro area ”, economic bulletin, issue 8, ecb. 17 andersson, m., kok, c., mirza, h., more, c. and mosthaf, j. ( 2018 ), “ how can euro area banks reach sustainable profitability in the future? ”, special feature, financial stability review, ecb, november. 6 / 6 bis central bankers'speeches