kevin greenidge : economic research is the antidote to our challenges welcome speech by dr kevin greenidge, governor of the central bank of barbados, at the 55th annual monetary studies conference, co - hosted by the central bank of barbados and the caribbean economic research team ( cert ), bridgetown, 6 november 2024. * * * good morning, distinguished guests, researchers, academics, and all participants. it is my great honour to welcome you to the 55th annual monetary studies conference, which we at the central bank of barbados are privileged to co - host alongside the caribbean economic research team ( cert ). this event has become one of the most anticipated platforms for central bankers, researchers, and economists across the region – a place where we present our work, receive insightful feedback, and engage in valuable critiques that shape the economic landscape of the caribbean. i enjoy and value these sessions where our friends and colleagues from across the region can reflect on our common challenges and provide possible solutions. this year's theme, " macroeconomic management in an era of polycrises, " is particularly relevant. the unique challenges we in the region face today – climate vulnerabilities, external shocks, public health crises, and economic instability – all call for in - depth research to inform policymaking that fosters sustainable growth and development. caribbean economic research plays a critical role in guiding us through these turbulent times. as i reflect on the importance of this conference, i am reminded of the words of renowned economist john maynard keynes, who said, " the difficulty lies not so much in developing new ideas as in escaping from old ones. " indeed, it is our responsibility as researchers to challenge the status quo, to question the effectiveness of our longstanding economic policies, and to push the boundaries of what is possible in this era where we face so many crises all at the same time. caribbean economies are small, heavily reliant on tourism, and exposed to global shocks, which lead to vulnerabilities like low growth rates, high debt, and inequality. despite these challenges, we must ensure that our research is not simply an academic pursuit. it must grapple with these binding constraints, making a tangible difference in the lives of our people. permit me to share three broad benefits of the research we will unveil over the next three days. 1. informing policymaking research helps us understand the political, social, and economic forces shaping the caribbean. it enables us to craft policies that are

strongly encourage community bankers and all of the other stakeholders who would be impacted by the creation of a cbdc to submit your comments and views to the fed by may 20, the end of the scheduled public comment period. another area of intense interest is the expansion of financial activities beyond the traditional chartered banking institution construct. we are seeing an increase in the proposal of novel charter types under consideration across the country. these changes, and the coming 2 / 3 bis central bankers'speeches availability of the fed now instant payment service, have the potential to vastly change the landscape of financial services and opportunities in the market. in anticipation of this evolution, our federal reserve banks are receiving an increased number of requests for membership and access to reserve bank master accounts from institutions with these novel charters. recognizing the importance of clarity and transparency in this space, and to facilitate and evaluate these activities in a consistent manner, the board is in the process of issuing clearer guidance around the application and review process for novel bank charters and account access at the federal reserve. i look forward to discussing these and other issues with you in just a few minutes, so i will stop there. it ’ s such a pleasure to be in person with you again at the aba ’ s conference for community banks, and i am looking forward to our conversation. 1 my views on the outlook and monetary policy are my own and do not necessarily reflect those of my colleagues on the federal open market committee. return to text 2 board of governors of the federal reserve system, " federal reserve issues fomc statement, " press release, january 26, 2022. return to text 3 board of governors of the federal reserve system, " money and payments : the u. s. dollar in the age of digital transformation " ( january 2022 ). return to text 3 / 3 bis central bankers'speeches