low interest rates and the non - standard monetary policy can potentially boost the appetite for risk in a number of financial market segments or the real estate market. but at the current juncture i am seeing no signs of excesses in the euro - area real estate market as a whole. saying that, a number of national markets do appear to be at risk of overheating. the competent financial stability authorities in those euro - area countries - which include ireland, the netherlands and also finland – have therefore launched what are known as macroprudential policy measures in an effort to curb the risk of price bubbles emerging in their housing markets. financial system stability can come under threat in particular whenever higher lending and laxer lending conditions at banks drive up the prices of real estate. but that ’ s not a phenomenon we are seeing in germany right now. quite the opposite, in fact. the results of the bank lending survey indicate that lending standards for loans for house purchase are currently much tighter than the mean level observed in recent years. even if we are currently seeing no evidence of a real estate price bubble which could pose a risk to financial stability, it is nonetheless important to have the toolkit which legislators recently adopted. after all, a fire brigade needs to have well - equipped fire engines. but it ’ s equally important, if not more so, to have fire safety regulations in place which stop a fire from breaking out in the first place - and that ’ s what it ’ s all about : incident prevention. when a large number of homeowners put little or no equity into financing their property, the recently introduced loan - to - value ( ltv ) ratio might need to be put to use. similarly, loan - to - income ( lti ) ceilings like the ones which are already available in six euro - area countries, including ireland, estonia and cyprus, would also be effective tools for preventing systemic real estate crises if the worst came to the worst. incidentally, that ’ s a view which is also held by the international monetary fund. the imf has also criticised - and rightly so - the continued existence of major data gaps which hinder the effective implementation of these macroprudential instruments, even though the new legal basis has been established. but one thing is also clear in my view. the next financial crisis won ’ t necessarily originate in the real estate market, like it did the last time. perhaps it will be triggered instead by one of the many daily cyber attacks –

. global supply chain is undergoing significant shifts ; companies and various authorities have to be nimble enough to capitalise on these opportunities. automation and robotics will threaten lowskilled workers and those in the contact intensive sectors. the shift to online have also created new opportunities and challenges for employment - intensive sectors like travel, hotels, restaurants and recreation. some of these changes are going to stay beyond the pandemic. these structural changes need to be kept in mind while formulating strategies for participative growth process. 6. at another level, the pandemic has affected the poor and vulnerable more, especially in emerging and developing economies. daily wage earners, service and informal sector workers were badly hit. their employment and income opportunities were curtailed. the lasting damage inflicted by the pandemic on these segments is of serious concern for inclusive growth. in the medium to long - run, both efficiency and equity will greatly matter for sustainable growth and macroeconomic performance. 7. technology adoption which was earlier limited to core sectors has now permeated to several 1 / 5 bis central bankers'speeches other areas, viz. education, health, entertainment, retail trade and offices. the pandemic has also caused disruptions and induced reallocation of labour and capital within and across sectors. the firms which were quick to adopt technology and were flexible in working from off - site are attracting more capital and labour. on the other hand, firms which were not up for the challenge and competition will have to leave the space for the more dynamic ones. these forces of ‘ creative destruction ’ are expected to boost productivity by encouraging greater competition, dynamism and innovation in several sectors of the economy. the indian scenario 8. let me now turn to the indian scenario. in the post - pandemic world, india ’ s prospects are underpinned by several dynamic sectors. i wish to briefly touch upon some of them. 9. first, information technology ( it ) services and information technology - enabled services ( ites ) backed by entrepreneurial capabilities and innovative solutions have emerged as key strength of the indian economy over the years. there is a growing league of unicorns in india reflecting its potential for technology - led growth. the country has added several unicorns over the last year to become the third largest start up ecosystem in the world. underpenetrated indian markets and large it talent pool provide an unprecedented growth opportunity for new age firms. further, the covid pandemic has provided a