newsevents / pressreleases / other20230315a. htm. agustin carstens, general manager of the bank for international settlements has discussed the idea of a “ unified ledger ” run by the central bank to fully realize the potential of new technologies developed by the private sector. see agustin carstens, “ innovation and the future of the monetary system, ” speech at the monetary authority of singapore, singapore, february 22, 2023, https : / / www. bis. org / speeches / sp230222. htm. fabio panetta, “ central bank digital currencies : defining the problems, designing the solutions, ” speech at u. s. monetary policy forum, new york, february 18, 2022, https : / / www. bis. org / review / r220223o. pdf. jon cunliffe, “ the digital pound, ” speech at uk finance, february 7, 2023, https : / / www. bankofengland. co. uk / speech / 2023 / february / jon - cunliffe - speech - at - uk - finance - update - on - central - bankdigital - currency. - 4financial inclusion is an important goal when considering improvements in access to financial services, banking, and the payment system. however, in the united states today, over 95 percent of households have a least one member of the household with a banking relationship holding a checking or savings account. 6 of the remaining 4. 5 percent who are not banked, nearly three - quarters have no interest in having a bank account, and approximately one - third cited a lack of trust in banks as the reason for not having a bank account. i think it is unlikely that this group would find the government somehow more trustworthy than highly regulated banks. unbanked households are also less likely to own mobile phones or have access to the internet, which would present barriers to cbdc adoption. while there has been important research on these barriers to adoption, including consumer attitudes and technology requirements, policymakers also need to consider whether there are other means to improve financial inclusion, such as alternatives for making the distribution of government benefits more efficient and effective like promoting financial literacy. 7 cbdc for implementation of policy objectives another issue is whether the government should use new technologies, including a potential cbdc, to accomplish a variety of policy objectives beyond those directly related to the operating of an efficient

of simon gilchrist in succinctly including the financial channel in macro models via credit spreads : faust j, s gilchrist, jh wright and e zakrajsek ( 2013 ), ‘ credit spreads as predictors of real - time economic activity : a bayesian model - averaging approach ’,, mit press, 95 ( 5 ), pp 1501 – 1519, december. statistics the review of economics and leaders of the group of twenty ( 2009 ), ‘ london summit – leaders ’ statement ', 2 april. available at < https : / / www. imf. org / external / np / sec / pr / 2009 / pdf / g20 _ 040209. pdf >. logan l, w nelson, p parkinson ( 2018 ), ‘ responding to the global financial crisis what we did and why we did it : novel lender of last resort programs ’, brookings preliminary discussion draft. available at < https : / / www. brookings. edu / wp - content / uploads / 2018 / 08 / 02 - novel - lolr - prelim - disc - draft - 2018. 09. 11. pdf >. kearns j, ‘ lessons from the financial crisis : an australian perspective ’, in j braude, z eckstein, s fischer and k flug ( eds ),, 2011, mit press, pp 245 - 68. the great recession : lessons for central bankers https : / / www. rba. gov. au / speeches / 2018 / sp - dg - 2018 - 12 - 06. html 12 / 13 12 / 6 / 2018 lessons and questions from the gfc | speeches | rba hence i would endorse the assessment of treasury on the effectiveness of these actions https : / / treasury. gov. au / speech / the - return - of - fiscal - policy /. see also < https : / / treasury. gov. au / speech / the - 9th - caixinsummit - global - challenges - global - solutions / >. debelle g ( 2008 ), ‘ market operations in the past year ’, speech at the 2008 fta congress, melbourne, 31 october. debelle g ( 2010 ), ‘ the evolving financial situation ’, speech at the women in finance lunch, sydney, 16 february. [ 10 ] sheets n, e truman, c lowery ( 2018 ), ‘ responding to the global financial crisis what we did and why