to have at least 70 percent of adult filipinos owning a transaction account by 2023. the thrift banking industry has to embrace and be ready for the opportunities and realities under the new economic arrangements. allow me also to commend the 12 thrift banks that are offering pesonet payment transactions and the eight thrift banks offering the instapay platform for sending and receiving payment services and the four thrift banks that provide receiving payment services. you are among the movers under the digital payments transformation roadmap. nevertheless, we are also mindful of the attendant risks and the unintended consequences of these developments. in this area, we rely on our long - standing partnership with the chamber of thrift banks to help us 2 / 3 bis central bankers'speeches in mitigating the effects of technology - related risks, in promoting financial integrity and transparency in financial transactions while working towards sustaining the resiliency and stability of the banking system. ladies and gentlemen, disruptive technology and the covid - 19 pandemic are drastically changing the future of financial services industry. there are rough seas and strong headwinds coming from these two realities. but we must not lose track of our collective goal of keeping the banking system on even keel so it remains supportive of economic recovery and growth over the long - term. together, we can work towards developing a safer, more dynamic, more digital, and more inclusive banking system for the banking public. mabuhay ang chamber of thirft banks and i wish you all a meaningful convention ahead! thank you all! 3 / 3 bis central bankers'speeches

kristina persson : globalisation, imbalances and possible ways forward speech by ms kristina persson, deputy governor of the sveriges riksbank, at a conference on social economics, stockholm, 3 may 2006. * * * thank you for the invitation to come here and speak on a topic that interests me very much, both in my role as representative of the riksbank and privately, as a person with a strong interest in social issues. let me begin by saying that i will not be talking about the current economic situation in sweden. the discussion from the most recent monetary policy meeting will be published on 11 may. i shall begin with a run - through of the opportunities and challenges that economic globalisation entails for a country like sweden. i will then go on to discuss the imbalances that currently exist in the global economy, particularly in the exchange of goods, services and capital between asia and the united states. the trade deficit is financed through the global financial markets, which are an important driving force in the globalisation process. finally, i shall talk about some of the reforms currently being discussed within the international monetary fund ( imf ). introduction ten years or so ago the word globalisation did not arise in the public debate, the term used then was internationalisation. the question is whether this indicates that something new has happened? my answer is that a number of political, technological and economic changes over the past 15 – 20 years have combined to bring about a more intensive phase in global economic integration. the political changes can be summarised in the word deregulation, which has released flows of capital, goods and services across national borders. trade barriers and customs duties between countries have declined. 1 the international capital markets were deregulated during the 1980s, which enables a free movement of capital towards investments that have the best return. many product markets, particularly within the eu, have been opened up to competition. large countries, such as china and india, which together comprise approximately one third of the world ’ s population, are rapidly being integrated into the world economy. following the breakdown of the soviet union, central european countries have joined the eu and adopted market economies. technological progress, particularly within the field of information technology, enables rapid and simple communication and money transfers from one part of the world to another, which makes it easier for companies to build up global trade and manufacturing networks. the cost of transporting goods between countries has also declined in recent decades, although the really