fout! onbekende naam voor documenteigenschap. two issues to take on together european banking summit ‘ building a positive future for europe ’ brussels, 2 october 2019 at the end of the first day of the european banking federation ’ s banking summit in brussels, frank elderson gave a keynote speech. in his speech, mr. elderson highlighted two important topics that must be at the top of the agendas for the financial sector in the period ahead : combatting money laundering and greening the financial system. for both topics the financial community, and society at large, need to intervene collectively. fout! onbekende naam voor documenteigenschap. we are all here today, bankers, policymakers, supervisors and politicians alike, because we all share a common responsibility. it ’ s up to all of us to look to the future. to anticipate what this future may bring. and to make sure we prepare for it. i am sure the grandeur of your surroundings has not escaped your attention. our venue today, the magnificent steigenberger wiltcher ’ s hotel, was built over a century ago, in 1913. it was constructed in the late art nouveau style, as a grand hotel, and named after its founder, the anglo - belgian sydney - charles wiltcher. looking around you, you may be forgiven for thinking nothing here has ever changed. for over a hundred years. but no. this hotel became the wiltcher ’ s & carlton hotel, following a collaboration with the world - famous carlton. then in 1935, this building was converted into the offices of a belgian pharmaceutical company. in 1993 it was renovated, and reverted to a hotel. after that it was bought by the german steigenberger group. the hotel we are in now opened in 2015 after a two and a half year refurbishment. it is a building that has stood the test of time. and it is as impressive and as relevant today, as it was when it was built over a century ago. it was built to endure. and - with the necessary renovation - it will still be relevant in 50, 100, 200 years ’ time. but can we say the same about our financial system? will our financial system still be relevant, not only in 10, but in 50, 100, 200 years ’ time? we need a financial system that is resilient to shocks. we need a financial system that is receptive to

as limited experience and data constraints in measuring their effectiveness, and further theory building and testing will be required. as a result of increases in the variety of toolkits and also advances in monetary policy making, central banks need to be more careful about how they communicate. these points are related to the recent decision of the bank of japan made at the end of april to conduct a review of its monetary policy from a broad perspective. since the late 1990s, when japan's economy fell into deflation, the bank has implemented various monetary easing measures. we will review the interaction between these measures and economic activity, prices, and financial conditions, and the positive effects and the side effects, drawing on the knowledge in japan and abroad. iii. new opportunities finally, i would like to talk about new opportunities. in recent years, both academics and policy makers have benefitted greatly from digitalization. they have exploited new types of data in their analyses, including highly granular data at the level of individual firms, households, and persons ; daily and intraday high - frequency data ; people flow data ; and text data. improvements in computational power have made the analysis of such data far easier and more advanced than before. these examples of new opportunities played a particularly large role in understanding economic conditions at the outbreak of the pandemic, for instance. in the rapidly changing economic conditions brought about by the spread of the virus, it became necessary for policymakers to observe the economic activities of firms and individuals on a weekly or daily basis. the bank of japan was no exception. for example, the bank used high frequency data such as consumption developments based on credit card payment data and nighttime population of downtown tokyo based on smartphone location data. iv. conclusion 3 / 4 bis - central bankers'speeches we are now about to start the 28th boj - imes conference. this year's mayekawa lecture will be given by professor maurice obstfeld of university of california, berkeley. professor obstfeld served as honorary adviser to the imes from 2001 to 2014 and has participated in boj - imes conferences 12 times. i have had the pleasure of participating with him in nine of them. i am looking forward to his lecture based on his experience as an academic, policy maker, and old friend of the bank of japan. in the keynote speech, professor athanasios orphanides of mit, one of our honorary advisers, will share his views on the policy communication aspect of monetary policy strategy, in