lopes, mrs. chaukos, and mr. cova. we encourage you to make the most of this opportunity to engage and interact with these experts. we will cap our day with presentations and a panel discussion on central bank digital currency ( cbdc ). new global or regional trends and policies have helped push innovation and technology to the forefront. an example of this is the increasing number of central banks carefully considering entering the cbdc space. we are excited to welcome mr. kiff, of the imf and one of the co - authors of the discussion note of the imf on the development and implementation of cbdc. mr. kiff will provide a short update of this important and dynamic discussion note. we will also have mrs. welsh provide an overview of the implementation of the cbdc by the eastern caribbean central bank, and subsequently, we will have mr. pietersz of the cbcs provide an overview of the status of our own consideration of cbdc. afterwards, mrs. luis of ibis management will share the results of a whitepaper issued on the potential implementation of a cbdc in curacao and sint maarten. let me say that we as regulators feel more vibrant than ever in our ability to keep evolving with the changes in our markets. ladies and gentlemen, once again i thank you for being here at the “ reinventing central banking : supporting inclusive growth and financial innovation ” conference of the cbcs. i wish you a successful second day of the conference and look forward to fruitful dialogue and discussion! thank you for your attention.

, and it expands the financial sector and promotes the use of cost - effective financing instruments. however, while the corporate bond market has been gaining new momentum elsewhere, the development is being viewed with apprehension here. we embarked on this policy to develop a corporate bond market in 2009 when we acquired the so - called aqualectra bonds. in 2012, we participated in the bond issue of the sint maarten harbour company. the case of sint maarten is a special one. contrary to the aqualectra bond, the sint maarten harbour bonds have a much wider and broader participation as more market participants acquired the bonds. this increased participation is also thanks to the standby arrangement according to which the central bank stands ready to buy or sell bonds at all times as dictated by the monetary conditions of the union. however, a necessary condition for this arrangement to be successful is that our public enterprises have unconventional monetary policy measures : principles - conditions - raison d ’ etre. speech delivered at the ijcb conference “ central banking : before, during, and after the crisis ” held on march 23 – 24, 2012, at the board of governors of the federal reserve system in washington, dc. bis central bankers ’ speeches to be well managed and sound. in this regard, i concur with dr. age bakker2, chairman of the board of financial supervision – cft – who last november during the kingdom conference stated that, “ the sint maarten economy has been performing well during the past decade. the budgetary challenges in sint maarten are less pronounced than in curacao, the netherlands, and aruba. the main reasons are that sint maarten has a younger population, well capitalized social funds, and sound public enterprises. ” that the sint maarten harbour company is well managed, was another important consideration for the bank to facilitate the bond issue of the sint maarten harbour company. ladies and gentlemen, with a much broader set of policy instruments, we hope that the bank can continue to promote the stability of the guilder, thereby creating an environment conducive to more growth and prosperity. as recent policy measures of the bank demonstrated, we were able to reduce the current account deficit and turn the balance of payments deficit into a surplus. however, for these results to be sustainable, we have to strengthen our export - generating capacity by making sint maarten a welcome place