credit, including that provided by a growing number of nontraditional entities through digital solutions. second, it will institutionalise inter - agency arrangements between authorities responsible for regulating consumer credit activities to promote consistent minimum protections and fair treatment of borrowers. and third, it will provide stronger assurance of more responsive and coordinated consumer protection arrangements to take into account the fast - evolving financial services landscape going forward. equally important is a strong focus on financial education to promote financially and digitally literate consumers. safeguarding the interests of consumers without stifling innovation remains one of the most difficult balances to achieve for regulators. regulators are constantly trading off considerations of privacy against efficiency ; fragmentation against competition ; access against risks of abuse. in the digital age, these trade - offs become impossible without equipping consumers with the information, knowledge and tools that they need to protect themselves and make decisions that are in their own best interests. it is only through a complementary mix of appropriate but not excessive regulation, and enlightened and confident consumers, that we will find the right balance of guiding the development of digital financial services so that it is neither hurried nor hampered, and remains sustainable and well - functioning to promote financial stability and inclusive growth. for bank negara malaysia, our regulatory agenda is supported by a long - standing focus on financial education. this year, i am pleased to share that this has been elevated to a nationallevel priority with the launch of malaysia ’ s first five - year national strategy for financial literacy. a key focus of the strategy is helping consumers protect themselves against fraud and exploitation, and embrace innovation more confidently in the digital era. this needs to start with the young, but without neglecting those for whom the digital world is both unfamiliar and daunting. specific challenges in a digital era let me just mention a few of the specific challenges that financial services authorities will have to contend with in the digital era. 2 / 3 bis central bankers'speeches increasing incidents of data abuse on social media platforms, security breaches and cybersecurity threats can sow mistrust and confidence deficits in digital systems. in our respective markets, these incidents are likely to reveal gaps in existing data protection and consumer protection regimes and the need to explicitly address ownership rights and permitted uses of personal customer information. prospects of digital profiling, and decisions driven by the use of complex algorithms can also result in financial consumers being unfairly discriminated against or targeted by unsolicited and unscrupulous marketing campaigns

lisa d cook : economic outlook speech by ms lisa d cook, member of the board of governors of the federal reserve system, at the peterson institute for international economics, washington dc, 6 october 2022. * * * thank you, adam, and thank you to the peterson institute for inviting me to speak today. this is my first speech as a fed governor, and i am delighted to deliver it here, joining friends and colleagues from across my career, from academia to policymaking. 1 i would like to start with a discussion of the u. s. economy, including the implications of international developments, and then talk about my approach as a policymaker and how i view the current stance of monetary policy. the labor market i will begin with the labor market, which is very strong. employment rebounded much more swiftly post - pandemic than it did during previous recoveries and has continued to grow at a rapid pace of about 440, 000 jobs a month so far this year. the unemployment rate, at 3. 7 percent, remains very low. other indicators also point to labor market strength : despite a large drop in the number of job openings in august, which may suggest that labor demand is moderating, there is still an unusually high 1. 7 job openings per unemployed job seeker. meanwhile, layoffs are near historical lows, and the quits rate is well above pre - pandemic levels even as it has moderated somewhat, indicating that workers still feel confident they can find another job. on the supply side, labor force participation has recovered more slowly than expected and has largely moved sideways this year even after a welcome rise to 62. 4 percent in august. early retirements prompted by the pandemic have not yet reversed. some of these are likely due to fear of exposure to covid - 19. and covid continues to weigh on a full recovery in labor supply in other ways as well, as people with long - haul cases and caring responsibilities stay home and others lose hours to short - term illness. if the health impact of covid - 19 continues to diminish, i am optimistic that more workers will reenter the labor force, but there is a risk that labor supply remains below its prepandemic trend. inflation on the price stability side of the fed's mandate, inflation remains stubbornly and unacceptably high, and data over the past few months show that inflationary pressures remain broad based. my focus, therefore, is