, of course, delivering it. this task is more complex for the ecb, however, than it was for the bundesbank in the past or the fed today. building trust among the 335 million citizens of the euro area is a major communication challenge. we are communicating in 18 countries using 15 different languages. in all these countries, citizens ’ expectations are different. for example, my predecessor as ecb president would tell me that if he took a walk in frankfurt, people would often ask him “ when are you finally going to raise interest rates? ” but if he took a walk in another major city just a few days later, people would ask him “ when are you going to lower interest rates? ” we deal with this plurality by making use of the inherent advantage of having a eurosystem of 18 national central banks – that is, having communications departments in each country that make our messages heard and understood in the local context. but this remains a continuous challenge. the ecb also plays its part in building trust by opening up to the public. from the outset, we have taken a lead on transparency : for example, we were the first major central bank to offer monthly press conferences. but in these challenging times, when monetary policy has become more unconventional, we cannot stand still. that is why we have taken another step forward : from the start of next year we will publish summaries of the monetary policy bis central bankers ’ speeches meetings of the governing council. this will be an additional way to explain our actions and the discussions that inspired them. we are currently working on finding the right format by conducting test runs. after all, we want these summaries to be understandable to interested members of the public. only that way can they be fully effective. bis central bankers ’ speeches

sharon donnery : foundations for the future - technology as a source of good in the financial system remarks by ms sharon donnery, deputy governor of the central bank of ireland, at the fintech ireland summit 2024, dublin, 28 november 2024. * * * i am delighted to be here to speak at the fintech ireland summit 2024 and many thanks to peter for the invitation. 1 being asked to share thoughts on the topic of fintech is no easy task – given it is an area and term which encompasses so much. not least due to the fact that it is a portmanteau, combining two of the fundamental features of modern life – finance and technology. but also because of the breath of activity it increasingly covers. for fintech is synonymous with a host of new companies – disrupting other financial services providers, and providing choice and efficiencies through new products and new ways of serving customers. but " fintech " and indeed simply " tech " are also an increasingly integral feature of how incumbent financial services providers operate and deliver their services – as well as an integral part of the functioning of the financial system itself, given the degree to which it now uses and relies on technology. central banks and regulators too are increasingly to the fore in terms of embracing and harnessing technology for their own use, in addition to their other roles in managing, anticipating and regulating innovation in the system. while there is much to cover under the broad umbrella that is fintech, for the purpose of today's remarks i will focus on providing some regulatory and supervisory perspectives on technology and financial services – including what we are seeing, and how we are dealing with rapid innovation in the financial sector. neither good nor bad – supervising innovation in financial sector contrary to some beliefs, central banks and regulators welcome innovation. while we of course don't embrace it indiscriminately, our mandate is to deliver in the public interest. and innovation done well is clearly in the best interest of consumers and the wider economy. but, as i have said before, not all innovation is good – and not all innovation is done well. 2 and so while we very much support the use of technology to improve the system and outcomes for consumers and the wider economy, it is crucial that such technology is 1 / 8 bis - central bankers'speeches adopted and deployed in a way that delivers on its benefits, without introducing undue risks. in that regard i am often asked about our supervisory approach to innovation