hiroshi nakaso : fintech - its impacts on finance, economies and central banking remarks by mr hiroshi nakaso, deputy governor of the bank of japan, at the university of tokyo - bank of japan joint conference on " fintech and the future of money ", tokyo, 18 november 2016. * * * introduction undoubtedly, we are living in the age of remarkable innovation in information technology. it is fascinating to consider how it might change the future of finance and economies. in order to address these unprecedented and intellectually - challenging issues, close communication between academics and practitioners is essential. accordingly, today ’ s conference focusing on the future of money, jointly held by the university of tokyo and the bank of japan, is of great significance. today ’ s conference has been made possible due to the close relationship of trust between the center for advanced research in finance ( carf ) of the university of tokyo and the bank. i would like to take this opportunity to express our deepest appreciation to professor ueda, director of carf, professor yanagawa and the staff of the carf for their support in holding this conference. my speech today will focus on this key word of “ trust ". i. innovation in information technology and fintech information technology and financial service after the rapid economic expansion in the second half of the 20th century, developed countries all over the world are now facing the common challenge of how to raise their growth potential. looking back at history, many major companies that supported the economic growth of the 20th century, such as those in the iron and steel, automobile and petrochemical industries, were established after 1900. for example, u. s. steel was established in 1901, ford in 1903, royal dutch shell in 1907, and gm in 1908, and they quickly grew to lead the economy. this suggests that, when new technologies reach a take - off stage at which they can be used for business, they have the potential to completely and rapidly change the economic landscape far beyond what could have been expected at the infancy stage of innovation. compared to those manufacturing industries, financial industry has a relatively old history : some banks ’ history can trace their history back to the renaissance period. this is because, infrastructures such as “ money ” and “ ledgers, ” which constitute the basis for financial services, have been around far longer than the basic technologies of the recent manufacturing industries such as automobiles. nonetheless, many people now expect that rapid innovation in information technology will have a substantial impact particularly

jean - claude trichet : monetary policy in uncertain times speech by mr jean - claude trichet, president of the european central bank, at the bank of finland 200th anniversary conference, helsinki, 5 may 2011. * * * ladies and gentlemen, it is a pleasure to have the opportunity to speak at your conference on monetary policy. it is remarkable to think that the bank of finland will celebrate its two hundredth anniversary this year. the ecb, as the youngest central bank in the world, but with such an extraordinarily solid historical legacy in the eurosystem, looks at such a storied history in the european monetary team with pride. this conference occurs at a point in time when central banks and governments of the advanced economies continue to face a wide range of challenges. i would like to start by reflecting in front of you on a challenge that, at first sight, may seem not directly related to monetary policy : strengthening economic governance in the euro area. strong economic governance – and therefore closer economic union – is however the fundamental counterpart to the single monetary policy. with a centralised monetary policy but decentralised fiscal and economic policies – in the absence of a federal institutional framework – those policies have to be placed in a solid framework and appropriately coordinated. the duty of public institutions is to fulfil their mandate and, by doing so, to meet the expectations of the citizens. the ecb ’ s governing council has done so and fulfilled public expectations in line with its mandate. citizens in europe expect overall stable prices and their purchasing power to be maintained. over the first 12 years, the ecb has delivered an average annual rate of inflation of 1. 97 %. citizens expect a stable economy and public authorities that are alert and effective in combating crises. the ecb has taken unprecedented steps to mitigate the effects of the recent crisis on the real economy by ensuring the flow of credit to the households and firms and preserving financial stability – of which i will talk more later. in the field of economic governance, however, public institutions still need to make a “ quantum leap ” to meet public expectations. european citizens recognise the value of closer economic cooperation, particularly those in the euro area. surveys indicate that, on average in euro area countries, more than four out of five euro area citizens are in favour of greater policy coordination between countries to overcome the crisis. this is something, which i consider very important : citizens want a stronger and better coordination of economic and financial policies in