, “ two years from now, spam will be solved. " so bearing these remarks in mind, i am a bit reluctant to make any projections of my own about the future of digital finance. but still, it wouldn ’ t seem foolish to predict that digital technologies 5 / 6 bis central bankers'speeches and fintechs have the potential to fundamentally change the market for financial services with their innovative business models. central bankers and regulators, then, need to carefully monitor the changing market environment and respond, as and when appropriate, to new and different types of risk in order to ensure that the benefits of digital innovation are fully reaped. how can we harness the benefits of digitalisation and simultaneously mitigate the risks it involves? this is the key question of this conference. and i am pleased that so many leading experts have agreed to take part. i ’ m absolutely certain that our exchange of views will provide important stimulus for discussions at our official g20 meetings. and now it is a great privilege for me to give the floor to her majesty queen maxima of the netherlands. queen maxima has served as the united nations secretary - general ’ s special advocate for inclusive finance for development ( unsgsa ) since 2009. in this capacity, queen maxima, an economics graduate with a professional track record in the financial sector, advises the secretary - general and works worldwide to make financial services more accessible. in 2011, she was invited to become honorary patron of the global partnership for financial inclusion ( gpfi ). the gpfi is an inclusive platform for all g20 countries, interested nong20 countries and relevant stakeholders to carry forward work on financial inclusion, including the implementation of the g20 financial inclusion action plan. on that note, queen maxima, we very much look forward to hearing what you have to say and thank you for joining us today. your majesty, the floor is yours. 1 a demirguc - kunt et al ( 2015 ), “ the global findex database 2014 : measuring financial inclusion around the world ", world bank group policy research working paper, no 7255. 2 r sahay et al ( 2015 ), “ financial inclusion : can it meet multiple macroeconomic goals? ", imf staff discussion note 15 / 17, international monetary fund, washington. 3 oecd ( 2016 ), “ oecd / infe international survey of adult financial literacy competencies ". 4 l klapper, a lusardi and p van

are still to be taken at a political level by the european council. this leaves too much room for discretion in interpreting and applying the rules of the sgp. with regard to macroeconomic imbalances, i have mentioned the need to enhance macroeconomic surveillance in the euro area. nevertheless, to make one thing clear from the outset : the objective of such an endeavour should not be to coordinate or fine - tune macroeconomic policies – member states have to remain responsible for their national economic policies. rather, the objective should be to detect and address macroeconomic developments that might have serious negative spillovers on other member states or the euro area as a whole. against this backdrop, the actual proposals that have been put forward are a step in the right direction. however, detecting such possibly harmful macroeconomic developments ex ante is notoriously difficult and some details still have to be discussed. thus, even though enhanced macroeconomic surveillance is indispensable, its actual implementation might prove difficult and could easily lend itself to discussions that distract from the real challenges – past demands on germany to implement a more expansionary wage policy and to set more fiscal stimuli being a case in point. having an eye on macroeconomic developments and placing limits on budget deficits and public debt by means of an enhanced sgp will certainly help to make the euro area more stable. nevertheless, the occurrence of crises can never be ruled out. for that reason, it is necessary to have a crisis - resolution mechanism in place. as the current european financial stabilisation facility ( esfs ) and the european financial stabilisation mechanism ( efsm ) will expire in 2013, the european council has decided on the main features of a european stability mechanism ( esm ), which will then replace the efsf and the efsm. the “ no bail bis central bankers ’ speeches out ” clause has been affirmed as an essential element of the esm : no member state is responsible for the debt of other member states. this certainly helps to maintain incentives for sound fiscal policy. incentives are further strengthened by provisions that allow for a restructuring of private sector debt in case of insolvency. faced with the prospect of losing money, financial markets should penalise unsound fiscal policies at an early stage and thus prevent the build - up of excessive deficits. in the further negotiations, it will be important that these basic features of the esm are maintained. 5. conclusion ladies and gentlemen the euro is probably the single most