. that is, of course, if it is high - quality public investment which is well - targeted and can enhance the potential output. this is why a consistent and speedy implementation of the next generation eu package will be so important for europe in the near - term horizon. at the heart of the package is the recovery and resilience facility ( rrf ). by supporting member states ’ reforms and public investment, the rrf will provide an anti - cyclical fiscal impulse in the immediate term – much needed across many parts of europe. and i do believe that, given the current circumstances, it can catalyse private sector investment. however, there is a risk that the european money will not be disbursed quickly enough because of administrative obstacles or because the rrf plans put forward by member states may simply lack ambition. lithuania has a good track record regarding the absorption rates of european funds – we currently rank ninth in terms of the 2014 – 2020 financial perspective. but we cannot grow complacent. 1 / 3 bis central bankers'speeches lithuania should take full advantage of the rrf funding and put forward a high - quality plan for the commission in april. by this, i mean a plan that is based on a rigorous cost - benefit analysis and is in line with the european priorities. the bank of lithuania stands ready to mobilise its expert capacities to help ensure that the plan advances a serious investment and reform agenda. this leads me directly to the long - term perspective. according to the latest data, lithuania ’ s gdp decreased by 1. 3 % in 2020, beating the previous forecasts made both by the bank of lithuania and international institutions. and this is despite the ongoing second lockdown. in this light, the rrf is important to lithuania not so much as an immediate relief measure, but as a tool for long - term economic transformation over the upcoming years and even decades. indeed, we need to think strategically of the post - pandemic world. at least three major forces will be shaping our future – shifts in supply chains, digitalisation and climate change. our investment strategies will have to accommodate these trends. first, the pandemic has, at least partly, provided an impulse to reverse globalisation. vulnerabilities related to global value chains have been exposed. countries and regions have declared their intensions to repatriate the production of strategically important goods. it is crucial that lithuania, which has not yet achieved full economic convergence with

payments system. while the private sector excels at customer - facing activity, central banks provide the basis for trust, ensure liquidity, and set standards. central banks, while independent institutions, are accountable to the general public. this accountability necessitates building public confidence through intensive communication, namely, explaining the specific policy decisions taken by decisionmakers under specific economic conditions. shifting to data - driven decision - making and evolving together with changing technologies will ensure that central banks remain effective and credible, in turn enabling us to fulfill our mission of creating value for society. distinguished guests, lietuvos bankas is pleased to organize this centenary conference in cooperation with our colleagues from the bank for international settlements ( bis ), an institution that serves as a central bank for central banks. lietuvos bankas'relationship with the bis is almost as old as both these institutions! the bis commenced operation in 1930, and in march of 1931, lietuvos bankas became its shareholder. please allow me to give the floor to mr. luiz pereira da silva, deputy general manager of the bank for international settlements. luiz, the floor is yours. 1 from the speech " monetary policy in a changing economy ", delivered 24 august 2018 at " changing market structure and implications for monetary policy " symposium sponsored by the federal reserve bank of kansas city, in jackson hole, wyoming. 3 / 3 bis - central bankers'speeches