##bor, and a framework for use of sofr in new arms. much progress has been made, but there is still much to do. the arrc transition plan is well underway, but we need to see certain developments in the u. s. financial industry for a smooth transition. milestones for the future include deeper liquidity in sofr derivatives markets, greater issuance of sofr - linked cash products, a reduction in the issuance of libor - linked cash products, and the closing out of legacy positions on cash products, to name a few. these all require the partnership and perseverance of the market. 2022 is just around the corner 2022 feels like it ’ s a long way away, but believe it or not 901 days can disappear, almost in an instant. and i don ’ t always sense urgency among market participants on this issue. tellingly, contracts referencing u. s. dollar libor, without robust fallback language, continue to be written. my message : don ’ t wait for term rates to get your house in order. engage with this issue now and understand what it means for your operations. recognize where your exposure lies and deal with the contracts that mature after 2021 that lack robust fallback language. this is a problem you have the opportunity to get ahead of now. don ’ t wait until january 1, 2022 to manage your business ’ transition away from libor, because it ’ s going to be too late. conclusion i ’ ll conclude with this : reference rates are a complex issue, with numerous countries, a wide range of public and private entities, and trillions of dollars involved. progress has been made, and the way forward is clear. but we are now at a critical point in the timeline. the very complexity of this issue is why the industry cannot afford to wait any longer. the clock is ticking, and there are 901 days left. 1 alternative reference rates committee, second report, march 2018. 2 financial stability oversight council. 2018. annual report. washington ( revised june 20, 2019 ). 3 international organization of securities commissions, principles for financial benchmarks, final report, july 2013. 3 / 3 bis central bankers'speeches

the great benefits for society as a whole that technological progress generates in the longer term, a distinctive property of the innovations triggered by the digital revolution is being emphasized : the high speed with which new technologies tend to reduce the use of labour, with a major impact, both qualitative and quantitative, on employment. in other words, “ technological unemployment ” is placed among the various driving forces behind the currently high unemployment rates and sluggish wage and income developments. 13. new information and communication technologies are complementary to managerial and intellectual jobs but provide a substitute for more routine jobs. the ict revolution has resulted, in the us and in other countries, in a polarisation of professions, with job increases concentrated either in the low - paying service sector or in the high - paying, highly educated job positions, at the expense of the middle - skilled jobs. furthermore, there are expectations that automation in the future will lead to a new wave of technological revolution not only from areas such as robotics or genomics but also from artificial intelligence developments that may further challenge the demand for both lower - and higher - skilled jobs. 14. given the country ’ s specialisation in traditional products, italy has so far suffered the most from the impact of globalisation, and the ensuing surge of competition from emerging markets, rather than from technology. but italy is of course not immune to the challenges posed by technology. a frequently cited 2013 study by oxford university economists, carl frey and michael osborne, estimates that 47 percent of current jobs in the us would be at risk of being automated possibly in a decade or two. by applying the risks of computerisation generated by this work to data on european employment, estimates have been recently extended to european countries in a recent paper by bruegel ’ s fellow jeremy bowles. with all the caveats that such suggestive exercise necessarily requires, italy finds itself among the countries where a larger number of jobs would be vulnerable to computerisation : 56 percent versus 51 percent for germany, 50 for france, 47 for the uk. we may not yet have seen the full impact of technological innovation. c. investment 15. this consideration must be seen against the substantial slowdown in the accumulation of capital since the crisis erupted. public and private real investment fell in italy by over 30 and 25 percent, respectively, between 2007 and 2013, well above the already high average of 20 percent recorded for the euro area as a whole. bis central bankers ’ speeches 16. despite the low interest rates allowed by the acc