will affect the risk profile of central bank exposures and of the operation of central banks themselves. in this regard, in my remarks today i have tried to address three aspects : counterparties and collateral ; the management of balance sheets ; as well as some institutional considerations to shine a light on potential emerging issues. to some extent, these issues only touch the surface. all in all, i think it ’ s fair to say whilst the crisis may have abated, we still live in interesting times. thank you for your attention, i look forward to the discussion. 1 i would like to thank rosanna lynch, david doran, glenn calverley and micheal o ’ keeffe for their contribution to my remarks. see robert f. kennedy, day of affirmation address, university of capetown, capetown, south africa, june 6, 1966. 2 see for example poloz, stephen s., ‘ models and the art and science of making monetary policy ’ remarks by governor of the bank of canada, 31 january 2017. 3 see “ some implications of new regulatory measures for euro area money markets ”, doran, d., et al, central bank of ireland quarterly bulletin, 1, 2014. 4 emir is expected to result in increased high quality asset encumbrance for market participants due to certain stricter collateral requirements. in a similar manner to the potential effect of the introduction of the lcr, this may also lead to a decrease in the overall quality of collateral that is available to be pledged by banks with the eurosystem, as market participants may hoard highly liquid collateral for repo postings. 5 see “ non - standard monetary policy measures and the balance sheets of eurosystem central banks ”, donnery, doran, gleeson, and carroll ( 2017 ), central bank of ireland quarterly bulletin, 3, july. 6 guideline ( eu ) 2016 / 2249 of the ecb of 3 november 2016 on the legal framework for accounting and financial reporting in the european system of central banks ( ecb / 2016 / 34 ). 7 see honohan patrick ( 2010 ), “ the irish banking crisis regulatory and financial stability policy 2003 – 2008 : a report to the minister for finance by the governor of the central bank ”. 4 / 4 bis central bankers'speeches

anita angelovska bezhoska : open doors to the changing payments landscape speech by ms anita angelovska bezhoska, governor of the national bank of the republic of north macedonia, at the 12th conference on payments and market infrastructures " open doors to the changing payments landscape ", hosted by the national bank of the republic of north macedonia, ohrid, 3 june 2019. * * * distinguished guests, excellences ladies and gentlemen, good morning it is my great pleasure to welcome you to the 12th conference on payments and market infrastructures hosted by the national bank of the republic of north macedonia. through the years, the organization of this conference has benefited from the invaluable contribution and unreserved support of the dutch central bank, for which i express my deep gratitude. the presence of the european central bank, the bank for international settlement and the european commission is an inherent feature of the conference, as well. and we are privileged and grateful for that, given the prominent role these institutions play in the area of payments. financial technologies and innovations are reshaping the financial sector, creating new providers, business models, new products and solutions, thus changing the entire financial ecosystem. it is not imaginary, but rather a real possibility today, with a few swipes on a smartdevice, to be able to track payments across accounts, control direct debits, find a better credit card, compare household bills, or cancel unwanted subscriptions or consents. waves of financial innovations from new players, but also from incumbents on the market, create massive changes in the financial industry. in this light, the highlight of the conference is embracing changes, that is opening doors to financial innovations in the payment landscape, while preventing disruptions to the financial markets and to the overall financial stability. new wave of digitalization can have wide ranging positive effects on the economy – it spurs innovation and productivity, transforms public and private services, contribute to higher financial inclusion by reaching underserved households and overall, improve wellbeing of the society as information, knowledge and data become more widely available. benefits go hand in hand with challenges to jobs and skills needed, to taxation, financial markets, and invite new thinking on how to preserve fundamentals such as privacy and security, as well as how to preserve monetary and financial stability. financial innovations, underpinned by digitalization, have a potential to gradually reshape the financial sector. “ the pulse of fintech ” report of k