risk is shared by the facility and the participating financial institutions so that the institutions can be encouraged to make loans available to msmes. other components of the program include financial, business and market information advisory, innovation hub and strategic partnerships – all mostly to address and enhance demand - side of msme financial access. 1 / 2 bis central bankers'speeches b ) financial consumer protection – a project currently in the bank to improve financial market conduct, to provide financial consumer awareness and address the unregulated lending by loan sharks or money lenders, which is an area of serious concern because of what we observe as unintended consequences of debt traps by borrowers. also, the combating of money scams using various means of collecting money from the public with promises of high returns. 8 ) the bank of papua new guinea under the maya declaration ( which was announce at the alliance for financial inclusion or afi global policy forum ) continues to show its commitment to support the work of financial inclusion and to ensure individuals and businesses have access to financial products and services that meet their needs. the bank remains committed to working closely with cefi in advancing our vision of creating financial freedom for all. 9 ) i look forward to continuing this great working relationship we have with all key stakeholders and i assure you of our continued support to strengthen, diversify and consolidate png financial sector through inclusivity. i request other financial institutions to use this platform as a tool to promote their innovative sme lending products. 10 ) i feel this launching event is an excellent opportunity for the msme stakeholders to witness this innovative online tool and the products and services it showcases. 11 ) thank you once again and i look forward to more engagements, and encourage a more structural approach to advance financial inclusion and access to finance in the country. thank you and god bless you all. 2 / 2 bis central bankers'speeches

which include inter alia competing forecasts from other private and public organisations as well as other pieces of information that, for a number of reasons, are difficult to integrate within the framework of the projections. by way of example, information ( i. e. data, indicators, analyses, etc. ) that becomes available after the cut - off date for the projections cannot, by definition, be incorporated in the exercise. at a more fundamental level, we should acknowledge that even the state - of - the - art macroeconometric models of the kind used nowadays by leading central banks are, as yet, unable to fully incorporate a richer description of the economy ’ s financial structure. wealth effects, swings in asset prices, credit and liquidity constraints and other financial frictions are not sufficiently taken into account. that results in an over - simplified view about the channels through which monetary policy can affect economic activity and inflation. it also affects the ability of such models to identify, and hence estimate with any degree of precision, the potentially significant role of financial variables and financial intermediation in the monetary transmission process. academic research is progressing on this front and, hopefully, at some point in time, workable and operational models will be developed that allow for more realistic settings where the complex interactions between the real and financial sectors of the economy are acknowledged in full and where financial variables ( notably money and credit ) play an active role in the monetary transmission mechanism. when this has been achieved, it will be possible to turn the two pillars of our analysis into a larger, single pillar as vice president lucas papademos 7 has put it. or, if you prefer another metaphor, we could join the two pillars with an arch, thus forming a solid bridge to support our monetary policy decisions. but policy is an ongoing activity. policy - makers cannot afford the luxury of waiting for research advances to happen. empirical evidence supporting these advances is itself frequently uncertain and provisional, open to revisions. constantly confronted with the burdens of judgment, we are very much like sailors in neurath ’ s boat. and, in this respect, i believe that the eurosystem ’ s monetary policy strategy has been particularly useful in helping us navigate through the deep waters of pervasive uncertainty and to make decisions in real time. in my view, the eurosystem ’ s concept has clear strengths. it permits a diversified approach to the assessment of economic developments and the outlook for price stability. it encourages cross - checking between different forms