. in turn, this leads improved off - site monitoring and earlier detection of potential risks. this has proven to be beneficial during the pandemic when social distancing rules limited our physical ability for off - site monitoring and the resources of our supervised institutions have to be channeled to cope with the changing circumstances. as we progress into the new normal — or what i like to call the new economy — we expect suptech initiatives to become part of the business as usual stance in bank supervision. this is especially so as we welcome the entry of digital banks as a new category of banks in the philippines. we are looking forward to fully reaping the other benefits of suptech, such as reduced costs for doing away with laborious manual data validation and increased capability towards a predictive and proactive risk and compliance monitoring. suptech, however, no matter how technologically advanced it may become, remains a tool in the 2 / 3 bis central bankers'speeches hands of human supervisors. hence, it becomes a great challenge to central banks to continually upgrade their financial supervisors ’ technological skills to ensure that their capabilities remain up to date and able to tackle the increasing complexities of financial supervision. i suspect that this process is currently creating a new breed of technologically savvy financial supervisors that are able to make evidence - based decisions and formulate data - driven strategies at a faster pace than ever before. at the same time, these supervisors are poised to act quickly, proactively, prudently, and mindfully to maximize the benefits of these technologies while minimizing the attendant risks to the financial system. as the financial system continues to rapidly develop because of technology, you can expect the central banks and financial supervisors to also evolve as necessary. while we virtually see each other today in the central bank stream of sap financial services live 2020, a nagging questions comes to mind – what is in store for us in the next year ’ s sap financial services live? as i ponder upon this question, i end confident that you will find the talks in this stream interesting and useful. thank you very much for your attention. 3 / 3 bis central bankers'speeches

jean - pierre roth : impact of the global crisis on switzerland introductory remarks by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the schweizerisch - deutscher wirtschaftsclub, frankfurt am main, 2 march 2009. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * what started as a financial crisis has now become a global economic crisis. although the swiss economy was in a very sound state before the crisis set in, switzerland ’ s standing as a financial centre, its real economy and its public finances have all been strongly affected by the global turmoil. recovery will depend largely on the development of the us economy. despite having reached worldwide proportions by now, the crisis was not triggered by globalisation itself. rather, it is the result of a lack of discipline in the industrialised nations. monetary policy today must contribute to the stabilisation of the financial system and the real economy without losing sight of its principal task, which is to maintain price stability.