the visayas region, the security thread of the 200piso banknote changes colors from green to blue. lastly, the 100 - piso was designed after an indigenous textile from the bicol region and with colors that shift from violet to bronze. all these banknotes also have three - dimensional and holographic features. in addition, the 1000 - piso and the 500 - piso banknotes feature design elements that use optically variable ink, which enables change in color when viewed at a different angle. the value panels of these two banknotes were added with a rolling - bar effect when tilted from left to right, and vice versa. finally, a distinct security feature will help us achieve our mission of bringing bsp closer to filipinos. we added tactile marks to the banknotes specifically intended to help the elderly and 1 / 2 bis central bankers'speeches visually impaired to quickly identify the value or denomination of the banknote. pairs of short horizontal bands are printed in intaglio or engraved at the extreme right and left sides of the note. a 1000 - piso has five pairs of this tactile mark ; the 500 - piso will have four pairs ; three pairs for the 200 - piso ; two pairs for the 100 - piso ; while a 50 - piso will have one pair of tactile marks. through this distinguishing feature, the elderly and the visually impaired will be more confident in using the banknotes for their transactions, paving the way for financial inclusion. needless to say, our banknotes are the treasure of our nation — as we always remind the filipino public, “ ingatan natin ang ating salapi, salamin ito ng ating yamang lahi. ” let us all do our part in preserving and safeguarding its value. maraming salamat at magandang hapon sa ating lahat! 2 / 2 bis central bankers'speeches

speech embargo 17 november 2016, 6. 30 pm financial markets and monetary policy implementation – an evolving relationship money market event andrea m. maechler member of the governing board ∗ swiss national bank geneva, 17 november 2016 © swiss national bank ( speech given in french ) ∗ the speaker would like to thank dirk faltin and martin weder for their valuable support in drafting this speech. she also extends her thanks to roman baumann, oliver gloede and marco huwiler for their helpful comments, to ramon jud for preparing the data and to the snb language services. page 1 / 8 ladies and gentlemen welcome to the snb ’ s money market event in geneva. it is a great pleasure for me to be able to address you here today for the second time. last year, my speech centred entirely around monetary policy itself. today, i would like to focus on its implementation in the financial markets. as you know, central banks in the advanced economies have expanded their monetary policy toolkits considerably since the peak of the global financial crisis in 2008. this has changed the way in which they act on the financial markets. traditionally, the money market interest rate has been the key monetary policy variable. in the last few years, central banks have used unconventional measures to exert a more or less direct influence on other financial market prices as well. this was and is the only way to fulfil their mandate in difficult times. as a result, central banks today focus more than they used to on developments in the financial markets. the swiss national bank, too, has deepened its understanding of the markets, refined its analytical tools and strengthened its market contacts. i will say more about that later in my speech. first, i would like to talk about the expansion of the monetary policy toolkit and what that involves. in the final part of my speech, i will offer a few thoughts on the extent to which unconventional monetary policy measures have changed the interactions between monetary policy and the financial markets. monetary policy transmission using only a single instrument in principle, monetary policy influences economic and price developments via the banking system and the financial markets, since a central bank conducts its monetary policy by using its monetary policy instruments to target certain prices on the financial markets. monetary policy stimuli are thus transmitted via the financial markets to the economy. the choice of instrument is dictated by the monetary policy framework. in the pre - crisis era, so up to about 2007, central banks were in general agreement about