. therefore, it decided to enter into an agreement to transfer the responsibility of matters relating to competition to the rightful authority, which is the competition commission of namibia. ladies and gentlemen, during this signing ceremony of today, you will witness the signing of an agreement that originates from the provisions of section 67 of the competitions act of 2003, which will effectively provide the two authorities with the appropriate checks and balances to guide its relationship, when dealing with mergers or acquisition or matters of an anti - competitive nature between banking institutions. bis central bankers ’ speeches of course, in doing so the bank of namibia is certain that the signing of this agreement will remove any grey areas that may have existed in the interpretation of the banking and the competition laws in namibia. once again, thank you, mr chairman for taking time out of you hectic legal schedule to be with us this afternoon! i thank you. bis central bankers ’ speeches

( 2019 ) ‘ the non - standard monetary policy measures of the ecb : motivations, effectiveness and risks ’. banca d ’ italia, occasional paper 486. undoubtedly, many of the instruments deployed in recent years will remain in use in the near future. at the same time, we are now better equipped than in the past to mitigate the undesired side effects of some instruments, as in the case of the two - tier mechanism for the remuneration of excess reserves. a final point that i would like to touch upon concerns the governance of economic research at the present time. economic research is part of the monetary policy toolbox. sound economic research is a precondition for the independent assessment of the most appropriate monetary policy stance. as governor visco remarked ( 2016 ), ‘ monetary policy cannot wait until sufficient information accumulates that may cast full light on the new mechanisms at work ’. 5 this issue has been evident in recent years, when we all faced the great challenge of ‘ conduct [ ing ] both policy and research in real time ’, as the former ecb president draghi once said. 6 precisely because of that, timely and high quality economic research has become increasingly important within central banks, since there is a compelling need to assess the impact of new policies as they are deployed. in this respect, i see two main challenges for central banks in the coming years. first, in the face of the great uncertainties on the shape, timing and features of the recovery ahead, we must keep producing research in ‘ real time ’, making use of a broad range of modelling tools and of more sophisticated datasets. secondly, our research should not only be timely, but also seek the highest quality standards. quality is needed to make policy credible for both experts and the general public alike. clarity in communicating our results is also crucial. at the same time, the complexities of the current economic environment urge us to keep enlarging the range of research topics covered, in order to better understand the drivers of the structural changes affecting the real economy as well as financial markets. in light of the above, it is of the utmost importance to strengthen international collaboration with other central banks, universities, think tanks and industrial bodies in order to generate and nurture new and better ideas. we are therefore delighted that this workshop has been co - organized by banca d ’ italia together with suerf. through a wide range of events and publications bridging research and policy