fout! onbekende naam voor documenteigenschap. “ emerging from the crisis stronger together ” how we can make europe more resilient, prosperous and sustainable hj schoo lecture given by klaas knot amsterdam, 1 september 2020 fout! onbekende naam voor documenteigenschap. ladies and gentlemen it is an honour to give this year's hj schoo lecture. i have to say, it was a bold choice from the organisers to let me loose on you for an hour. there's a youtube video doing the rounds of me being interviewed on the current affairs programme buitenhof. while i'm talking, text appears below explaining what it is i am actually saying. a bit like subtitles. unfortunately, that is not a luxury i can offer you this evening. but i will try to keep the economic jargon to a minimum. even though you seem like an audience who can keep up. i never knew hendrik jan schoo personally, so in preparing for this lecture, i went a bit deeper into the man and his work. and as i was reading about him, i started wondering how he would have felt about me — a president of de nederlandsche bank — being chosen to give the lecture called by his name. schoo was primarily a political thinker, with an acute sensitivity to the deeper currents running through society. economics did not feature prominently in his work. but there was something else that struck me about hendrik jan schoo. and here i will quote from marc chavannes ’ s description of him : “ schoo was a selfmade man, from an everyday background. reluctantly absorbed into the elite, he remained overtly concerned about the risks ordinary people face. ” that last sentence resonated with me, because i realised that also fits my job description. “ managing the risks ordinary people face. ” or, to be more precise : managing the financial risks ordinary people face, over which they have no control themselves. because make no mistake. what central banks do directly affects your life and that of everyone else around you. they ensure prices remain stable. that banks, insurers, pension funds and other financial institutions are sound and ethical. and that you can make payments efficiently and securely. so the economy can flourish and ordinary people can make a living, safe in the knowledge that their money will retain its value and

and wage payments by businesses. this rise in digital retail payments mirrors the broadening of financial inclusion. along with the growth in digital payments came the increase in account ownership among filipinos, up to 56. 0 percent as of the end of 2021. e - money accounts are now the most widely owned type of account, with users growing more than four - fold in just two years. the number of basic deposit accounts, or bdas, has also increased alongside e - money accounts. the bsp continues to spearhead digitalization initiatives that serve as financial lifelines to msmes [ micro, small, and medium enterprises ] and the microfinance sector. we want to ensure that every microentrepreneur has the means to flourish in the new digital economy. through paleng - qr ph, a joint initiative of the bsp and the department of the interior and local government, customers can transact through digital payments in some of the most common transaction points for filipinos - community markets and local transport. just last week, we launched the paleng - qr ph program in davao city. following the city of baguio, davao city is the latest lgu [ local government unit ] added to the growing list of cities and municipalities that will adopt qr ph in their communities. this week, we successfully launched the interoperable bills pay ph facility. this digital payment stream, which runs on instapay, allows a consumer to settle bills using his or her own transaction account even if the account of the biller is with a different service provider. in addition, the bsp is set to launch the request to pay and direct debit facilities soon. on cross - border payments, our vision is to make it possible for payments within asean using only our mobile phones. we see tremendous benefits from smooth cross - border payments, especially for overseas filipinos and their dependents. the bsp is working toward linking instapay with the fast payment systems of our asean neighbors, such as singapore's paynow and malaysia's duitnow. at the sidelines of the g20 summit last month, the bsp signed a deal with its counterparts from indonesia, malaysia, singapore, and thailand to deepen cooperation on payment connectivity. 2 / 3 bis - central bankers'speeches to complement these country - to - country arrangements, the philippines recently signified interest to join project nexus, an initiative by the bank for international settlements innovation hub that