that we can create a broad awareness of the risks that we identify. while by law we could only issue the warning to public institutions and not to the general public, it was reiterated across this network. awareness has acted as a catalyst for action, too. the warning has enabled policymakers and supervisors to anchor their decisions to our assessment and has helped them to push through necessary reforms to their macroprudential and microprudential policies. and esrb warnings also work in more subtle ways, not only as a catalyst but also as an inhibitor : they may help slow down decision - making and so avert hasty risk management decisions ; supervisors may pause for longer in assessing whether an institution's vulnerabilities are critical ; and policymakers might more strongly resist calls for watering down legislation. so our assessment is that the general warning has indeed proved impactful over the past year. the esrb's words have clearly worked towards reducing policymakers'" inaction bias " with regard to the implementation of macroprudential policy. 5 on the other hand, our work is not yet finished. but i am firmly convinced that the joint action of the eu financial stability community at large will be sustained and unwavering, so that our warning will have helped to avoid damage to the economy. conclusion let me conclude. to date, europe's financial system has avoided the worst - case scenario of severe systemic risks materialising at the same time. but policymakers need to remain proactive and alert to financial stability risks as and when they arise. as abraham lincoln once observed, " leave nothing for tomorrow which can be done today. " and turning to today's conference, i have no doubt it will provide for a stimulating discussion about how macroprudential policy can help us best tackle the financial stability challenges that lie ahead of us. with this, i now open the seventh esrb conference. 1 welcome remarks pre - recorded on 14 november 2023. 2 vogele, w. ( 2023 ), " sounds and silence : ringing of the bells in the period of reformation ", carillon and bell culture in the low countries, vol. 2, issue 1. 3 esrb ( 2022 ), " warning of the european systemic risk board of 22 september 2022 on vulnerabilities in the union financial system ", official journal of the european union, 7 november. 3 / 4 bis - central bankers'speeches 4 as noted in esrb ( 2022 )

central bank of kenya euromoney kenya conference financial inclusion 2. 0 : expanding kenya ’ s digital financial ecosystem tuesday 9th may 2017 welcoming remarks by dr. patrick njoroge governor of the central bank of kenya good morning! 1. it is my pleasure to warmly welcome all delegates to this inaugural euromoney kenya conference. i am particularly pleased to extend a special welcome to those delegates who are visiting our country for the first time. i hope you will enjoy the excellent kenyan hospitality, and that you will find time to visit our national heritage sites within the city before you return to your respective countries. 2. i wish to salute the co - hosts of the conference — euromoney conferences, and the kenya bankers association. i also wish to acknowledge the other institutions that have sponsored and supported the conference : the co - sponsor, kenya commercial bank ; the africa regional partner, african development bank group ; and the supporting organizations, oracle and integrated payment services ltd. ( ipsl ). 3. the theme of this conference “ financial inclusion 2. 0 : expanding kenya ’ s digital financial ecosystem ” provides an excellent opportunity for the policymakers, thought leaders, bankers, investors, and entrepreneurs, all gathered here today as distinguished speakers and participants, to deliberate on the economic environment in africa and the outlook for the financial sector. the sessions will also offer insights on the strategic challenges and opportunities facing digital finance in the region. 4. as is well recognized, kenya has leveraged mobile phone technology and made remarkable strides in financial inclusion. a decade ago, kenya was characterized by high poverty incidences and high levels of financial exclusion. with the adoption of mobile financial services and agency banking, among other innovations, financial access has increased from 26. 7 percent in 2006 to 75. 3 percent in 2016. while this is remarkable, the question at hand remains how to expand the digital financial services ecosystem beyond basic money transfer, savings, and micro - credit. we are equally aware that there are still barriers to financial access that hinder 17. 4 percent of population from accessing the ( formal or informal ) financial system. further, we very much recognize that financial access does not necessarily translate to better living standards — but a journey of a thousand miles starts with a single step. 5. for kenya, current innovations have mainly addressed the issue of convenience of financial products and services to the general public. as a regulator in the financial sector, our focus now is to enhance the usage of the existing financial innovations as well as