needs must be crafted. through effective and sincere communication, customers can be convinced to participate in the formal financial system as we build a critical mass of users. the network effects will draw in even more participants. 4 / 5 bis central bankers'speeches it is through these sustained efforts that we can bring about a payment ecosystem that we can all be proud about... an ecosystem that is a symbol of digital ingenuity. in this regard, we are all disrupters and enablers. on the part of the bsp, we remain strongly committed to creating an enabling and supportive environment for our shared vision to come into full fruition. we look forward to working with all of you as we take our leap to bring about a safe, efficient, reliable, and affordable retail payment system supportive of inclusive growth. congratulations to all of us! mabuhay ang peso net! mabuhay ang nrps. mabuhay ang pilipinas. salamat po. 5 / 5 bis central bankers'speeches

almost certainly be weak at present also. and of course almost nobody on the australian side of the tasman is talking about a currency union, and almost nobody on the new zealand side is talking about our simply adopting the australian dollar. the likelihood of a currency union any time soon therefore seems extremely low, whatever the merits and demerits of such a union. no, there is no quick or easy way to reverse the recent decline in the new zealand dollar. we need to recognise that a significant part of the depreciation since early 1997 has simply been the reversal of an over - valued currency at that time, and as such has been desirable. we need to recognise that another significant part of the depreciation is simply a reflection of the strength of the us dollar, and as such may not continue indefinitely. and in part we need to recognise that the depreciation is a market adjustment to our longstanding tendency to spend beyond our means, borrowing the savings of other countries to do so. our best course of action, indeed perhaps our only sensible course of action, is to continue doing the things which will make us a prosperous economy - continue to run fiscal surpluses, continue to keep inflation low, continue to improve the flexibility of the economy, continue to remove regulatory barriers to resource mobility, continue to improve incentive structures so that investment goes into those areas with the highest social and economic return, continue to ensure that governance structures in the banking and corporate sectors encourage prudent behaviour, continue to improve the education system, continue to welcome foreign investment, and do everything possible to encourage a culture which values initiative, innovation, hard work, saving and all the rest. sound policies across the whole breadth of the economy are the best way of ensuring that the exchange rate recovers over the medium term, and of course the best way of ensuring prosperity for all new zealanders as well. a prosperous new zealand, with low inflation, will enjoy a strong currency over the long term, and productivity growth to justify that strength. the pros and cons of currency union : a reserve bank perspective, a speech to the auckland rotary club on 22 may 2000.