tokenised bond journey as an example. previously we developed a prototype digital platform for green bond tokenisation with bis innovation hub's hong kong centre, with cutting - edge features like individual wallets for investors and tracking environmental impact in real time. when it comes to implementation, with real - money transactions involved, we tend to start small and proceed more prudently. by starting small - targeting only institutional investors - we assisted the government in issuing the world's first tokenised government green bond and tested out the efficiency gains of the tokenisation technology in practice. it was encouraging to see that settlement time shortened from t + 5 to t + 1 ; and the possibility to further reduce that to near real time in theory. another example is project mbridge. last year, a pilot was conducted to test the concept of applying central bank digital currency to solve the key pain points of crossborder payments. the favourable outcomes of the pilot confirmed the potential and ability of mbridge to speed up cross - border payments, lower the cost, improve transparency, and simplify operational complexities. so we value greatly this first opportunity to just pilot ideas to solve longstanding pain points. second is the opportunity for public - private sector collaboration. using again the example of tokenised green bond, during the process we collaborated with the private sector closely - the hkma contributing our neutrality and credibility ; the private sector contributing their technical know - how, speed, and agility. on the technical front, while the commercial blockchain platform used in the issuance was built by a bank, the cash tokens on the platform were issued by the hkma as a central bank. this kind of close technological collaboration was rather unprecedented, and allowed both the public and private sectors to learn from each other over the course of the project. the same can be said for our ongoing e - hkd study. back then, i confessed that hong kong, like other places that have numerous advanced retail payment options, lacks a " 10 times better " use case of e - hkd to attract mass adoption. the same challenge still holds today. that's why for the past couple of months, the hkma has been conducting pilots with the industry to explore innovative, potential use cases. the pilots are still ongoing, but thanks to our partners in the private sector, our understanding of different design choices of the e - hkd system as well as potential implementation issues has significantly deepened. if not for the initiatives above, these new

to very pressing issues of global trade, namely sanctions and supply bottlenecks. two papers use the embargo after the first russian invasion of ukraine in 2014 to study how firms in france and latvia adjusted to the shock. the third paper examines how supply bottlenecks due to covid19 affected the performance of global value chains. this type of research is extremely important now, as we try to adjust to the multiple shocks europe and the world have suffered over the past three years. while the dampening effects of globalization on low inflation in the pre - covid era were overall deemed modest, the undoing of globalization, alongside the green transition, may well imply rapid and large level effects on the price level. as such, how we adapt to such persistent trade shocks is clearly of high value to central banks. 1 / 2 bis - central bankers'speeches - two more sessions look at macro issues of high policy relevance. one is the session on dollar dominance. the dollar is now more important in terms of invoicing and reserves than it was at the end of breton woods, a paradox, given that this was a system designed to have the dollar at its core. the papers in the session look at the determinants and effects of dollar dominance, both now and in a historical perspective. in my opinion, the energy transformation of the us in the last several years from a large net energy importer into a net energy exporter, combined with the much higher energy prices worldwide, has played an important role in the recent dollar strength. this is an idea that is perhaps worth exploring, if you have not already done so. the other session looks jointly at fiscal and emu governance issues, issues that unfortunately are with us again. this session is anchored by the second keynote by elias papaioannou, who will talk about " international unions and international integration ". elias is a distinguished academic, but in fact he did start his career at the ecb, and so he is, so to speak, a member of our family. - finally, while this edition of the workshop is especially affected by fast - moving policy problems, we should never forget structural issues. after all, structural issues were our main focus for years before the pandemic hit, and issues like the labour market effects of automation or low productivity growth may well keep us busy even after the war has ended and inflation is at bay. as such, the workshop also contains one session dedicated to labour markets, and another dedicated