were also changes in economic research, as more attention was progressively given to actual policy - making. one of the leading examples is perhaps the so - called taylor rule, which was created to describe the actual behavior of central bankers. this allowed a much richer interaction between academia and policy makers. changes also affected policy - making, with more attention paid to academic debates. these even influenced the very structure of central banks. research units were put into place and developed in most major central banks, including the banque de france, which also implemented an external evaluation of research ( eer ). central bankers indeed realized the importance of conducting their own research activities to support policy making. heavier use of theoretical findings and data - based analysis was made, in order for central banks to better articulate their policy actions. also, economic research outside central banks – which is not driven by direct “ daily ” topics – proved ultimately valuable for policy too. for example, some ideas developed in krugman ( 1998 ) and eggertson & woodford ( 2003 ) on policy at the zero lower bound, inspired by the economic stagnation in japan, entered the united states and euro area policy debates years after their publication. the banque de france foundation has accompanied all these significant trends. by fostering research conducted by international teams. by sponsoring research unrelated to immediate banque de france needs, but which would ultimately prove beneficial for our policies. in that respect, i do expect that the foundation will still play an important role in the next decade in promoting excellence in research in the field of monetary and financial economics. i also hope – and this will be my conclusion – that this is no wishful thinking either. bis central bankers ’ speeches once again, let me thank all the participants, speakers, discussants and chairs that have joined us today for such fruitful talks and congratulate the young researchers who received a well - deserved prize for their work. a special thanks also to all the actors of the foundation, whose constant help and dedication to their missions are precious and appreciated. now is time to have lunch and i believe a buffet has been prepared. thank you. bis central bankers ’ speeches

for instance, our qr - ph system ; qr p2m facility, which allows person - to - merchant payments ; and, of course, our paleng - qr ph plus, where payments to market vendors, bicycle drivers, and jeepney drivers could now be done through your cellphone. now, of course, nothing is more frustrating than when your bank does not include one of your credit cards or one of your billers is not on its list of payees. now that is being answered, as well, with all the other innovations that are happening because of this. of course, my colleague from up [ university of the philippines ], [ department of trade and industry secretary ] fred [ pascual ], talks about all the other things that could happen because of this [ digitalization of smes ], including lending that is not collateral based. 1 / 2 bis - central bankers'speeches these are the things we all enjoy, and we look forward to even more. and that is why the success of speed has the potential to promote a more inclusive digital economy toward, as we learn from the pandemic, a more resilient philippine economy that promotes a higher quality of life for many, if not most, filipinos. as i said, numbers, not just the size of assets, count. so, let us all go aboard and hop on to this full - speed - ahead vehicle called speed. thank you, and we look forward to many great things from project speed. 2 / 2 bis - central bankers'speeches