joachim wuermeling : combining stability and innovation – the bundesbank and fintech players in the digital financial ecosystem keynote speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the plug and play fintech europe expo 2021, 28 january 2021. * * * 1 introduction ladies and gentlemen, dear colleagues, good afternoon, and a very warm welcome from the deutsche bundesbank. i am delighted to be taking part in the plug and play “ fintech europe expo ” today. as a central banker, this event offers me a unique opportunity to liaise with you and is certainly my first highlight of 2021. i look forward to a pleasant afternoon and an inspiring conference! an innovative spirit has made financial technology the driving force transforming the world of finance. this technology has now become an essential part of banking, and therefore also central banking. looking at our virtual audience today, i see start - ups, venture capitalists, and consultants. to be honest, when you think of central banks, “ innovation ” might not exactly be the first word that springs to mind. instead, your first thought might – hopefully – be “ stability ”. but take it from me : stability and innovation are not mutually exclusive. in fact, they go hand in hand. technological progress has always shaped the tasks and activities of central banks. although fintechs and central banks cooperate already, i believe they should do so on a much closer basis in the future. and that is why i am so happy to have the chance to speak to you here today. i would therefore encourage you to keep an eye out for the digital activities of central banks! here are three reasons why you should : 2 central banks are relevant actors for digital innovation in finance all fintech innovation is connected to central banks ’ activities in some way or another. for centuries, central banks have been the backbone of the financial system, issuing currency, providing payment infrastructures, and ensuring that banks are stable. digital transformation is relevant to us in two regards. the first is that we need to understand the technical progress in the industry when using our tools, whether it be in the area of monetary policy or in banking supervision. the second is that we make use of new technologies ourselves, be it in analytics, processes or products. the actions we take might be highly relevant to you, your products, your business cases, or your ideas : would it matter to you if we issued a digital currency,

stefan ingves : monetary policy and financial stability in a globalised world speech by mr stefan ingves, governor of the sveriges riksbank and chairman of the basel committee on banking supervision, at the stockholm school of economics, organised by the swedish economic association, stockholm, 28 may 2014. * * * thank you for inviting me. this meeting at the swedish economics association is one of relatively few occasions during the year when i have the opportunity to discuss rather more academic questions that i personally find interesting, but which there may not always be time to consider. at present, however, i am struggling in my day - to - day work with a number of issues where better research support is needed, so today i would like to raise both very concrete issues that are currently on the economic policy agenda, and more theoretical questions about the shaping of the policy. there is an overall theme in what i intend to say today, and that is “ cooperation ”. i will talk about cooperation between different authorities and policy areas in sweden as well as cooperation at an international level. one reason why i have chosen to put a certain focus on cooperation is that i perceive that it has become increasingly difficult, or at least more complicated, to conduct a completely independent policy – partly because of the boundaries between the different policy areas having become less clear, and partly because of individual countries being affected perhaps more than ever by international events. the need for increased cooperation between different policy areas and between countries may make the tasks of central banks around the world more complicated, but it is important that this does not paralyse us. rapid and concrete measures are required to make the financial system more robust. the crisis in the early 1990s was a trigger in several respects let me start my discussion with a very abridged and selective look back at the past twentytwenty - five years. at the beginning of the 1990s, sweden suffered a crisis, or rather a number of linked crises. this entailed a financial and property crisis that rocked the entire swedish banking system and required government intervention. it also entailed a currency crisis, or rather a crisis for the stabilisation policy regime of the time, where the anchor was the fixed exchange rate. in addition, there was a sovereign debt crisis, with dramatically rising budget deficits and an increasing government debt. all of this is not dissimilar to what a number of other countries have experienced in recent years. one result of this development was that we were forced