bis central bankers'speeches commitment to complement government ’ s broader efforts to address the pandemic. bsp continues to have ample monetary policy space to deal with potential risks to liquidity and growth owing to the health crisis. we shall continue to provide support to the government while recognizing the crucial role of sustained and targeted fiscal interventions in reviving demand. moreover, let me assure you that when domestic developments warrant a recalibration or withdrawal of policy support, the bsp will ensure a smooth normalization of its time - bound measures. the bsp shall continue to adhere to disciplined and evidenced - based policymaking. in the face of this pandemic, we shall continue pursuing our mandate of promoting price and financial stability conducive to sustainable growth and employment. thank you very much. 4 / 4 bis central bankers'speeches

randal k quarles : parachute pants and central bank money speech by mr randal k quarles, vice chair for supervision of the board of governors of the federal reserve system, at the 113th annual utah bankers association convention, sun valley, idaho, 28 june 2021. * * * i have been reflecting recently, and in connection with this speech, on america ’ s centuries - long enthusiasm for novelty. in the main, it has served us and the world well, by making america the home of so many of the scientific and practical innovations that have transformed life in the 21st century from that of the 19th. but, especially when coupled with an equally american susceptibility to boosterism and the fear of missing out, it has also sometimes led to a mass suspension of our critical thinking and to occasionally impetuous, deluded crazes or fads. sometimes the consequences are in hindsight merely puzzling or embarrassing, like that year in the 1980s when millions of americans suddenly started wearing parachute pants. but the consequences can also be more serious. which brings us to my topic today : central bank digital currencies, or cbdcs. in recent months, public interest in a “ digital dollar ” has reached fever pitch. a wide range of experts and commenters have suggested that the federal reserve should issue — and in fact may need to issue — a cbdc. but before we get carried away with the novelty, i think we need to subject the promises of a cbdc to a careful critical analysis. in offering my views on this and other issues related to cbdcs, i am speaking for myself as a member of the board of governors, and not for the board itself or any other fed policymakers. and, indeed, you will all have seen chair powell ’ s recent announcement that we are preparing a comprehensive discussion paper on this issue that will be the first step in a thorough public process to conduct just this sort of critical analysis, which i do not want to prejudge. but i do want to give some sense of the issues i think we will need to grapple with in this process, how i will be thinking about them, and the high bar that i think any proposal to create a u. s. cbdc must clear. so, let ’ s begin with a basic question : what problem would a cbdc solve? to answer, we first need to define the term cbdc and assess the current state of the u.