were asked about the term digitalisation. 2 and yet it is plain to see that the digital sectors play a major role in macroeconomic productivity gains. 3 this is the context that comes to mind when i think of central bank digital currency, i. e. the digital euro. our lives are becoming increasingly digital, and in my opinion it is only logical that the central bank should also offer a digital product. this is why the eurosystem is working hard on this issue, as are 93 % of all central banks according to a recent survey by the bank for international settlements. 4 a digital euro would complement cash, and it would be provided to the general public free of charge. people's privacy would be protected and europe's sovereignty in digital payments would be supported, as a digital euro would be built on european infrastructure. in the financial industry, this kind of proposition is increasingly meeting with approval. a survey of experts and managers in this sector by the germany - based center for financial studies shows that most respondents consider the introduction of a digital euro to be desirable, with almost half ( 45. 9 % ) of the respondents expressing this view. 53 % of respondents think that a digital euro should only be issued via credit institutions. only 28 % say that this should be done directly via the ecb. a remarkably high share of 19 % have not yet formed an opinion on the matter. and more than one - quarter of them ( around 26 % ) think the euro area risks weakening its economy if the digital euro were not to be introduced. 5 when assessing a digital euro, the question of who would issue it is of particular interest. in my view, there is a strong case for maintaining the tried - and - tested roles of the central bank and commercial banks, namely that banks and other payment service providers – and not the central bank – are the point of contact for citizens. in any case, legislators will also play an important role in the question of whether a digital euro will be introduced. that said, the ecb governing council will decide in the next few weeks whether to soon continue working on the digital euro project in a preparatory phase. in addition to the green and digital transformations, the restructuring of international supply chains is another major challenge. the advantages of an international division of labour should not be abandoned here. however, given the evident fragility of supply chains, the latter should be made more robust. stronger economic relations with countries such as vietnam, australia or greenland could make

, we “ live ” in an industry where “ change ” is literally a minute by minute phenomenon ( i. e., not only in financial rates and prices but also in market sentiment ). but there are also those tail risks, the “ black swan ” risk, as popularized by taleb. 2 moving from “ the elephant in the room ”, wucker recently talks of the “ grey rhino ” as the highly probable high impact but neglected threat. 3 i am not sure how swans, elephants and rhinos come together, but i am certain that we do not want any of what they represent to come true. we can look towards regulation to manage market conduct within acceptable norms, but, in the end, it will have to be the market practitioners who need to be committed to upholding the standards. ladies and gentlemen, the recognition announced tonight confirms my view that fmap and its members cherish the higher goals we set for ourselves and your chosen business. on the part of the bsp, we recognize that investors and fund managers should have the leeway to invest in alternative instruments across jurisdictions or in different currency denominations. within the bounds of client suitability and effective management of risks, we are prepared to revisit existing regulations and make the needed changes. this will not only deepen the capital market but more so provide investors with more choices within the perimeter of tolerable financial risks. the bsp will always be your partner and i am sure fmap stands ready to always join us in the journey for professional excellence, for consumer protection and for financial stability. congratulations to the asset management industry. congratulations to the awardees. thank you and good evening. ken miyajima and ilhyock shim. “ asset managers in emerging markets ”. bis quarterly review. september 2014. pp. 19 - 31. n. taleb. the black swan : the impact of the highly improbable. new york : random house. 2007. michele wucker. the gray rhino : how to recognize and act on the obvious dangers we ignore. st. martin ’ s press. april 2016. bis central bankers ’ speeches