clear and settle all types of transactions among themselves. some central banks have been working on similar systems collaborating with private banks. the ubin project is continuing in singapore whereas, last may, the bank of canada concluded that its own jasper project showed that the technology was not sufficiently mature. in some countries, the use of cash, notes and coins is declining at fast rates and we cannot disregard its possible disappearance in the future. in most jurisdictions however, that possibility is very far away, if it ever occurs. in the euro area, issuance of bank notes has more than tripled since 2001 and is still growing at about 5 % a year. all the developments i mentioned would not materially change the nature of our financial system, the concept of money or the effectiveness of central banks ’ monetary policy. the so - called private “ crypto - currencies ” can never prevail as general money substitutes. their designation is a misnomer as they are not a currency but just a commodity used as a speculative asset and as a restricted medium of exchange in very special circumstances, comprising criminal activities or failed states with collapsed institutions. instead, the use of the blockchain by central banks to create digital currency open to all citizens without limits would be really disruptive. this would be a radical political choice that could end banking as we know it and is therefore unlikely to happen. ignoring that possibility and regarding current banking activity, fintech has penetrated mostly into payment systems. banks ’ payment - related income has decreased but some is retained as bank accounts are still the ultimate way of settling. where fintech can have a big impact is in cross - border payments by using the blockchain technology to eliminate several intermediate steps, speed up global transfers and promote worldwide financial inclusion. concerning credit, peer - to - peer ( p2p ) or crowdfunding, fintech lending is still very small in general, with the exception of the u. s. where mortgage origination is significant, even if the online firms do not keep the exposures in their small balance sheets. 16 this progress is naturally due to the fact that fintech firms are much less regulated than traditional institutions under the presumption that it is good to allow new competition. the hope of fintech enthusiasts is that its spread will lead to much lighter financial regulation. however, new technologies generate new risks and do not eliminate the old ones which provide the rationale for financial regulation in the first place. asymmetries of

michelle w bowman : welcoming remarks - " fed listens " welcoming remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at the " fed listens : community listening session ", hosted by the federal reserve bank of atlanta, atlanta, georgia, 7 august 2023. * * * thank you, president bostic. 1 when the board began the fed listens initiative, our purpose was to engage directly with the public to discuss issues related to our monetary policy decision - making framework and our efforts to pursue the congressionally - mandated monetary policy goals of price stability and maximum employment. since that time, and as a recognition of the importance of engaging with people across the country from a wide range of geographies and perspectives, we broadened the scope to become an ongoing process of consultation with the public. through fed listens and other board and system convenings, we can learn directly from those experiencing the economy about how households and businesses are faring, and how they are affected by federal reserve decisions. in the latest of those decisions, on july 26 the federal open market committee ( fomc ) raised the target range for the federal funds rate by 25 basis points and decided to continue reducing the fed's securities holdings, both actions aimed at bringing down inflation. i look forward to hearing from today's participants about how inflation and higher interest rates are affecting their day - to - day decision making. but first, i will briefly share my thinking on, and why i supported, the fomc's latest decision. as many of you know, since march of last year the fomc has significantly increased the federal funds rate, which is our primary monetary policy tool. the goal is to raise interest rates throughout the economy to bring demand into better balance with supply and reduce upward pricing pressures. we have made progress in lowering inflation over the past year, but inflation is still significantly above the fomc's two percent target, and the labor market continues to be tight, with job openings still far exceeding the number of available workers. economic activity has grown at a moderate pace, and even as banks have been tightening their lending standards in response to higher interest rates and funding costs, lending to businesses and households has continued to expand. given these developments, i supported raising the federal funds rate at our july meeting, and i expect that additional increases will likely be needed to lower inflation to the fomc's goal. of course,