requires the simplification of the financial and economic system for applying theoretical models. emerging technology allows us to observe details and model the system as it really is, helping assess interactions among firms, individuals, and market participants. technology that deals with unstructured data, including text, images, and audio, has evolved quite rapidly. it could also be applied to broader areas, such as the analysis of market sentiments and expectation formation. paradoxically, the more technology evolves, the more human aspects draw attention. these are closely linked to the actions of individuals and institutions. a deeper understanding of micro behaviors would help us better predict macro - economic and financial outcomes. i hope this g20 high - level seminar has provided you valuable insights to shape the future of the digital age. thank you for your attention. 1 / 2 bis central bankers'speeches 2 / 2 bis central bankers'speeches

events linked with other parts of the world. so, that is still the story, and what has happened is that, indeed, we have seen different movements now in the dollar, appreciating also for reasons. because it ’ s always, markets are very good at doing that, or market analysts, at rationalising what markets are doing. there are, of course, very good narratives explaining why the dollar has been going down and up and now is going up. so you ’ re reasonably comfortable with where the euro is at the moment? yes. another risk out there is iran. this is a slightly tricky one, of course, because europe now has to deal with the prospect of sanctions on companies that deal with iran via payments. if it ’ s involving payments, it ’ s going to involve the ecb one way or another. presumably the ecb takes a view on this situation? as you know, there have been sanctions already before. they were lifted after the agreement, and we ’ ve gone through that period without major consequences, particularly for the central banks. i am not really expecting that whatever happens in that sphere will have a very meaningful impact on what we will do. there is a big summit next month, of course, of leaders. it ’ s an important one because there ’ s a new european parliament next year. what ’ s not agreed at this summit next month might not be agreed for quite some time to come, depending on how parliament changes. you put out some pretty bold proposals for the way the monetary union needs to move in a speech today. how confident are you that any of this is really going to happen? that was not the perspective of my speech. as i explained, i talked as a technocratic adviser, saying what technically would be necessary to really move towards a very solid monetary union, working smoothly, and reducing doubts about the solidity of the whole project. i put forward some technical proposals, but i didn ’ t discuss on purpose the political economy feasibility of what i was saying from a technocratic perspective. it ’ s for governments to make their choices, of course. i do think that the vested interest of all countries is to move forward, deepening the monetary union, but it ’ s in the hands of the governments. yes, somebody else ’ s job, because you ’ re going to move on. now, eight years in – and just briefly, if you can – if you had to change one thing, if