, they are complementary. for example, see asian development bank, " developing the service sector as an engine of growth for asia, " october 2013, https : / / www. adb. org / sites / default / files / publication / 31114 / developingservice - sector - engine - growth - asia. pdf ; and kim, jungsuk, and jacob wood, " service sector development in asia : an important instrument of growth, " asian - pacific economic literature, volume 34, issue 1, may 2020, https : / / onlinelibrary. wiley. com / doi / epdf / 10. 1111 / apel. 12282. 3 asian development bank, " embracing the e - commerce revolution in asia and the pacific, " june 2018, https : / / www. adb. org / sites / default / files / publication / 430401 / embracing - e - commerce - revolution. pdf. an inclusive economy one of the barriers to achieving an inclusive economy is the insufficient development of social security systems in many developing and emerging asian countries. gaps in social protection not only made it difficult to respond to the recent pandemic but also widened economic inequality. developing and emerging asian economies will need to find effective means to enhance their healthcare and social security systems and to promote investment in human capital, including education. these efforts will improve financial inclusiveness, and in turn act as a stepping - stone to decreasing poverty. on the financial front, progress in financial inclusion is becoming more crucial to the promotion of economic growth and the alleviation of inequality. a green economy some regions in asia are particularly vulnerable to the economic and social consequences of natural disasters and rising sea levels resulting from climate change. 4 therefore, the region has been striving to achieve the appropriate balance between economic development and environmental preservation, by strengthening environmental regulation and building ecofriendly physical infrastructures. the covid - 19 pandemic has led to an increased focus on climate change issues. making the economy greener is a goal shared by both advanced and developing economies. in response to the demands of society and in order to achieve economic growth over the medium to long term, efforts should be stepped up on a global basis. digitalization as for digitalization, this brings the greatest benefits to those who previously lacked sufficient access to goods, services, and information. in terms of financial services, fintech not only mckinsey global institute, " climate risk and response in

policy mix will of course differ. in some cases the emphasis 6 / 7 bis central bankers'speeches may be on increasing public investment, in others on more growth - friendly tax policy. likewise structural reforms that aim at raising productivity have to be tailored towards domestic priorities. but given the common nature of the challenges for central banks, all countries would benefit from prioritising it. and the positive spill - overs will clearly be larger if all act in unison. conclusion roughly eight years of extremely accommodative monetary policies on both sides of the atlantic might lead to the notion that the ecb and fed have been confronted with similar or even homogenous challenges. this would be a misapprehension. major institutional and structural differences at the onset of the financial crisis explain why the clean - up efforts in the us were faster and more effective and the recovery was more sustainable. after the institutional short - comings of monetary union had been painfully exposed, much progress has been achieved on the road to completion and further integration. however, this institutional reform package took time. now, economic recovery, although still timid, is under way in the euro area. but this finding cannot be taken as an excuse to rest on our laurels. more determined structural reforms need to be implemented to lift the growth potential and overcome the ultra - low interest rate phase. a more determined approach to tackle the problem of non - performing loans is necessary to tackle the remaining legacy of banking crisis. when the macroeconomic ship is engulfed by a major storm, all hands – not just monetary policy – need to man the pumps. this, indeed, holds true on both sides of the ocean. 1 lang, j. h., peltonen, t. and sarlin, p., “ a framework for early - warning modeling with an application to banks ”, working paper series, ecb, forthcoming. 2 ghysels, e., idier, j., manganelli, s. and o. vergote, ( 2014 ), “ ahigh frequency assessment of the ecb securities market programme ”, ecb working paper no. 1642. 3 junker, j. - c., tusk, d., dijsselbloem, j., draghi, m. and m. schulz, ( 2015 ), “ completing europe ’ s economic and monetary union ”, european commission, brussels. 4 see, e. g. gordon