need - to - be - treated - with - caution. the network of its head office and branches, and the insights it obtains remain crucial. thus, in terms of making policy decisions, what is important is not only to look at official statistics, interviews with firms, and historical analysis to grasp the medium - to long - term trend in data but also to make effective use of high - frequency data as complements to these. second, it is essential for the governments and central banks to cooperate with each other in terms of fiscal and monetary policies, while fulfilling their respective roles, in order to address such economic crises as the current one. basically, central banks can provide liquidity through lending but cannot spend money. it is the private sector and the governments that can spend money. 19 the role of central banks is to conduct monetary policy, while the governments are mainly in charge of fiscal policy and public health measures concerning infectious diseases, as well as growth, trade, and urban policies. such cooperation will have positive effects on price developments as well. assuming that an infectious disease exerts downward pressure on the natural rate of interest, large - scale fiscal policies may work to push up that rate. it is also important to raise people's growth expectations by enhancing market environments mainly through regulatory reforms. in particular, in order to further push forward with telework and digital transformation, what is essential is investment in information and communication technology ( ict ), as well as investments in training of employees and reorganizing corporate structures, both of which complement such technology. with investment in general remaining weak, ict investment powell, chair of the federal reserve, stated at the press conference held on april 29, 2020 as follows : " i would stress that these are lending powers and not spending powers. the fed cannot grant money to particular beneficiaries. we can only make loans to solvent entities that the - - with the expectation that the loans will be repaid. many borrowers will benefit from our programs, as will the overall economy. " as for the transcript, see https : / / www. federalreserve. gov / mediacenter / files / fomcpresconf20200429. pdf. in japan has continued to stagnate since the 1990s ( chart 12 ). 20 this investment should be regarded positively as one with an eye on the future, not as a cost that should be cut. thus, with high uncertainties over developments in the

other critical enablers i have highlighted, in particular strong governance and risk management and sound and effective strategic planning – matters where you as board oversight committee members should play a key oversight role in line with your statutory obligations. i will conclude here. many thanks for your attention. 1 with thanks to anna marie finnegan, colm henry, anthony cahalan and patrick casey for their support in the drafting. 2 discussed in this blog for example 3 see further here 4 under the criminal justice ( money laundering and terrorist financing ) act 2010, as amended 5 see risk and guidance 6 credit union act, 1997 – section 76m 7 for example, see prism supervisory commentary 2020 8 for example, see financial conditions of credit unions, 2020 : i 9 our strategy 7 / 7 bis central bankers'speeches