, bank of international settlements, and imf. [ slide 21 ] in addition to the above, it should be noted that chile has reached almost universal coverage of basic services through the so - called cuenta rut ( id bank account ), managed by the state bank ( bancoestado ). this is a sight account that can be opened only with a legally issued id. at present, there are some 9 million of these accounts under operation ( for a total population of 17 million ), allowing its bearers access to electronic transfers, debit cards and atm cash withdrawals. central bank of chile 29 june, 2017 cuenta rut is a hybrid financial product that provides a good example of the factors that facilitate technologically - enabled financial products in chile. these include : universal and secure identity registration ; universal online invoicing ; internet penetration, and regulations that foster cash - flow services, like factoring and leasing. state - owned - bank based financial inclusion : slide 21 cuenta rut in numbers cuenta rut ( millions of active cards ) starts in 2006. as of 2016 : 9. 2 8. 3 ▪ 900, 000 new accounts opened in 2016 7. 4 ▪ 52 % are female 5. 3 ▪ 32 % live in rural or remote areas ▪ 75 % perceived $ 400, 000 per month ( less than two times the minimum wage ) or no income 2. 9 1. 2 ▪ 300. 000 are immigrants ( 69 % of total immigrant population ) ▪ 60 % do not have past due loans source : bancoestado. slide 22 fintech enablers in chile ▪ last year, a bill was passed allowing for the issuance of prepaid cards by non - bank institutions o o o the law establishes integrity requirements for these issuers restrictions on how the funds can be used requires the central bank to issue regulations with the prudential requirements ▪ the central bank took the opportunity to undertake a full revision of its retail payments regulation ▪ the new regulations not only set the prudential requirements o o ▪ narrows down the scope of regulated entities dealing with the processing of transactions changes their capital requirements these features give some ground for optimism on the potential contribution of fintech not only to the democratization of financial services but also to price and financial stability and development in chile [ slide 22 ] these same factors have provided the basis for the most important step in the development of electronic retail payment services. last year, a bill was passed allowing for the issuance of prepaid cards

proposals i have seen so far for eurobonds are, at the heart, governance proposals. none of them can do with out massively reinforced governance or outright sovereignty transfers to the supernational level. the more appropriate way to look at eurobonds is to start with governance : only with a fundamental shift of our structures in the european union – towards a real political union – could one conceivably create incentive and governance conditions that are commensurate with the issuance of common bonds. before talking about eurobonds, we should identify the necessary reforms that focus on the ultimate objective : institutional arrangements which provide credible incentives for sound fiscal and economic policies. dear chair, honourable members, i thank you for your attention. bis central bankers ’ speeches