olaf sleijpen : the rise to economic leadership - indonesia's development from the perspective of the dutch central bank speech by mr olaf sleijpen, executive board member of monetary affairs and financial stability of the netherlands bank, at the indonesia - netherlands trade, tourism, and investment forum, amsterdam, 28 may 2024. * * * your excellencies, ladies and gentlemen, it is a great honour to speak at the indonesia - netherlands trade, tourism, and investment forum. indonesia is a very important and close partner of the netherlands, so it feels good to meet with you here. terima kasih [ thank you ]. nearly 700 years ago, before modern - style banks existed, people stored their money at home. rather than metal containers, they used common kitchen jars made from a cheap orange - colour clay called'pygg '. whenever families had money left over, they would save their coins in these clay jars, known as'pygg pots.'the first true piggy banks originated in java as far back as the 13th century. they were made of terracotta and shaped like pigs, with a slot on top for depositing coins. few of these piggy banks, known as " celengan " in javanese, survived as they had to be demolished to retrieve the saved coins inside. while the piggy bank represents a simple but ingenious system for individual savings and informal storage, central banks can be thought of as the piggy banks of the entire monetary system. so as the representative of the dutch piggy bank, let me give you my view on the macroeconomic development of indonesia, and its role in the world. i am not the only speaker this morning to mention that indonesia and the netherlands are important trading partners : according to the international trade centre, in 2023 we exported 0. 8 billion euros worth of goods to indonesia, while we imported 5. 1 billion euros worth of goods in that same year. this makes the netherlands the 12th largest import partner of indonesia, and the largest within the eu. we enjoy a strong economic partnership, and the netherlands is keen to further develop economic opportunities for our countries'businesses. besides being key trade partners, indonesia and the netherlands work closely together in other domains as well. during the g20 bali summit two years ago, for example, we co - hosted a conference on payment systems with the bank indonesia institute, as part of a long - lasting cooperation between our central banks

with large foreign providers : the failure of a fintech or bigtech could have substantial spill - overs. 5. global coordination to address jurisdictional gaps. 1 / 2 bis central bankers'speeches 6. client protection. 7. cybersecurity. mexican financial authorities are working on the adoption of these policy anchors. the cornerstone for a healthy open financial and payment ecosystem is a safe and robust infrastructure, and central banks play a key role on four core elements : 1. a robust infrastructure for clearing and settlement is imperative for low, medium and large value payments ( 24 / 7 services ). 2. strong authentication and validation infrastructure. 3. plug - in arrangements such as apis to provide access to new participants to the network, including bigtechs. 4. capacity to operate ledger services, as a requirement to implement a cbdc facility. another involvement of bigtechs in the financial system that central bankers must evaluate is the provision of back - office services to the financial system. a clear example is on cloud computing, that could entail business continuity and systemic risks. i conclude stressing that developing an open payment and financial ecosystem safeguarding public interest should be at the top of the local and international agenda : 1 ) adequately regulated, bigtechs and large customer networks could help promote financial inclusion in three key dimensions, payments, investing and financing. 2 ) payment systems are inherent to central bankers in their provision of money. leveraging on the latest technology and developing fast retail payments and cbdcs, are of utmost importance for central banks 2 / 2 bis central bankers'speeches