customized services to users, thereby increasing economic welfare. in view of such potential benefits of new technologies to the economy, public authorities, including central banks, should be cautious not to deter the development of new information technologies by focusing solely on their negative side effects. we, policymakers, should always try to maximize the benefits of new technologies while minimizing their negative impacts, and i firmly believe we can do so by taking the appropriate actions. moreover, it is also essential for us to constructively consider desirable ways in which humans and ai complement, rather than confront, each other. for instance, human judgment is not completely free from existing paradigms, and thus is sometimes negligent to changes. in this regard, ai could adjust our bias by neutrally analyzing and finding new correlations among a myriad of data. meanwhile, humans could compensate for ai's weakness with their intuition, common sense, and imagination. iv. concluding remarks when i think about ai and human beings, i think of blaise pascal, a french philosopher and mathematician of the 17th century, as the forerunner who expressed advanced ideas, such as automated processing of large numbers of data and innovative algorithm, which took the lead in developing today's information technology. almost 400 years ago, pascal invented the first computing machine, an ancestor of today's computers. pascal also came up with an idea of an omnibus coach as the first public transportation in the world. this was based on an algorithmic idea to efficiently transport many people by establishing routes that crisscrossed and surrounded the city of paris. this should have been a much more epoch - making idea in those days than today's idea of car - sharing. at the same time, pascal emphasized the importance of independent thinking for human beings in his famous phrase : " man is a reed, the weakest of nature, but he is a thinking reed. " i believe this phrase has great implications for us in dealing with new technologies. if there is any risk the role of human beings are overwhelmingly replaced by ai, that would be when human beings stop thinking independently and autonomously. from a financial perspective, it is most important for us to think independently and positively on how to make an efficient and effective use of new technologies such as ai and big data analytics to further develop and improve financial markets and services. from this viewpoint, today's conference is a great opportunity, where numerous experts with various backgrounds gather to discuss the most advanced issues in finance, such as the

brian wynter : modernizing jamaica's foreign exchange market - the pivot to inflation targeting keynote address by mr brian wynter, governor of the bank of jamaica, at the 7th annual national asset - liability management americas conference, santiago, 25 may 2018. * * * introduction buenos daas, chile, que'onda?! chairperson, mr alexandre tombini, fellow speakers and panellists, our hosts, central banking publications, colleagues, ladies and gentlemen, good morning and greetings from jamaica. i am happy to be here in chile, not just for the beauty of the country or to brush up on my spanish, but also with an ulterior motive. bank of jamaica is preparing to implement full - fledged inflation targeting and, given that banco central de chile has been a pioneer in this area since the 1990s, we are looking forward to learning from their experience. in addition, central banking publications has been an invaluable source of information, training and networking for central bankers around the world. so i am grateful and happy to take part in an event organised by them and to have the opportunity to address this national asset - liability management americas conference. jamaica's economic reform programme and central bank modernisation for several years, the central bank in jamaica has been operating an'inflation targeting lite'policy regime. i am sure our colleagues in chile will confirm that full - fledged inflation targeting is not something to jump into all of a sudden unless you already have the good fortune of a conducive economic environment. that environment is now emerging in jamaica with the remarkable successes of an ambitious economic reform programme that is now beginning its sixth year. for jamaica to be in a position to consider adopting price stability as the central bank's primary objective and the use of the interest rate lever as its main policy tool, several things had to happen first. since high public debt and fiscal dominance will undermine the effectiveness of any central bank, fiscal sustainability is critical to allowing the central bank the breathing space it needs to conduct an effective monetary policy. once fiscal operations begin to crowd in the private sector and net export earnings increase, a sustainable current account balance becomes possible. then, the political economy limitations on exchange rate flexibility in a hyper - open economy like jamaica's diminish considerably thereby improving the central bank's ability to manage internal and external shocks. in the short space of a few recent years, jamaica has lived through 1 / 5 bis - central bankers'speeches