efficient economic financing, including those provided by our banking industry. distinguished ladies and gentlemen, 98. in my view, our banking industry must continue to be encouraged to improve resilience, efficiency and its role in intermediation. broadening of the public ’ s access to an affordable banking service through the financial inclusive program is included as part of strengthening intermediation function. 99. going forward, the financial inclusion program must be implemented through the supply and the demand sides. from the supply side, broadening of an affordable banking services access, and making available banking products meeting the need of the lower income society must be carried out. 100. in this regard, going forward, we plan to broaden banking service access by way of a non - conventional measure through the use of information technology, telecommunication, and agent cooperation or familiarly known as branchless banking or mobile payment. through this strategy, banking services will reach every layer of the society without having to physically present the bank office. distinguished ladies and gentlemen, 101. in this regard, branchless banking must be implemented in phase with due consideration on potential risks that may occur, including its impact to the financial stability. on that account, in early 2013 bank indonesia will issue guidelines on the implementation of branchless banking which will be followed by the issuance of a number of supporting regulations. 102. recognizing the increasing strength of the indonesian middle class, bank indonesia also views the need to optimize such new strengths through the acceleration of generating new business ventures. for that, bank indonesia will continue its cooperation with universities and the private sector by preparing a business training program for college students and former indonesian workers abroad. 103. currently being prepared is a start - up loan for business start - ups. this skim will involve technical agencies and other agents in coaching, consulting, guaranteeing and providing eligible credit collateral, such as land certification. 104. the major obstacles of the community ’ s lower economic level in accessing credits for productive purposes are not only the lack of eligible credit collateral availability but also the high levels of lending rate for the micro segment. as such, i view that the fruits of national banking efficiency improvements should be felt by those in the lower economic level. having said that, we will promote healthy competition in the micro segment through, among others, the publication of micro credit lending rates. bis central bankers ’ speeches distinguished ladies and gentlemen, 105. aside supporting the development of inclusive finance, the policy direction for the payment system of the

but inference is often non - robust across various identification schemes. and real - time identification remains central banks ’ holy grail. as a consequence, central bankers are given little guidance by theory in their daily endeavour to filter out noisy data. the task of policy - makers is further complicated if they suspect that customary cyclical movements are compounded by an ongoing change in the deep structure of the economy. for one thing, structural change amplifies the identification problem. it is difficult to ascertain whether the dynamic force that we see appearing on the screen is going to be reversed and eventually vanish, or will become ingrained in the underlying economic mechanism for many years to come. but more importantly, in case a structural change is truly under way, macroeconomic relationships derived from empirical regularities and historical averages are bound to lose significance. a new set of relationships would need to be estimated and tested. but serious diagnostics for structural stability rarely give definitive answers. and re - estimation requires sufficiently extended spans of data that simply do not yet exist. structural change on a global scale the past decade, on both sides of the atlantic, has not been kind to policymakers ’ aspiration to a comfortably stable set of structural relations usable for policy analysis. at a minimum, the second half of the 1990s and the early years of this century have sent us stark reminders that the economic structure does not hold still for long. our recent experience in coping with economic change has provided more than one stress test of the macroeconomic models that are in use in our institutions. i shall mention three examples. on this side of the atlantic, the policy debate has primarily focused on technological innovation, the spread of information technology, and globalisation. many distinguished analysts have identified in the combination of these three dynamic factors the main structural force behind the reduction in economic frictions and the narrowing of the ability of any single market player to influence prices and dictate market conditions domestically. this course of events has increased competition. through a better allocation of resources, heightened competition has advanced the standards of living in more than one country, notably the us. however, the same phenomenon has also reduced policymakers ’ confidence in what seemed to be well - tested economic relations. for example, it has loosened the association between output growth and inflation, and between these two variables and employment. and many us observers were left wondering whether the intense capital deepening of the last few years - and the associated measured growth in productivity - may have shifted substantially the relationship