of sales staff and other employees should be completed in the coming months. as regards the latest and not least substantial european developments in the area of business practices, the aim of the drive to standardise rules in the framework of a crosssectoral approach is simplification. this drive should be extended. an obvious case is the key information document of the priips regulation. it will allow customers to easily compare two investment products, irrespective of whether they are classified as bank products, insurance products or financial instruments. but i could also cite examples of work in the area of “ product governance ”, conflicts of interest or compensation, which bring regulations from the three sectors closer into line. i will finish by discussing changes stemming from new technologies. we are all aware that they change business practices by affecting consumption patterns and customer relations. the contractual nature of the banking and insurance industries means that relationships are rich and often long - standing. such relationships are based on the consent of both parties to the contract and execution on the basis of trust. today, over and above agreement on the price and on the object, which forms the basis for a sales contract, the possible use and security of customer data is increasingly relevant. the development of new technologies and the appearance of new tools, aimed at making the “ customer experience ” more fluid or attractive, must also take into account the cardinal principle of consumer protection. this is also a necessary condition for new sustainable and robust economic models to emerge. these areas are currently the main focus of the national and european authorities and the acpr stands ready to play a full role, drawing on its experience and the dialogue it engages in with the stakeholders. let me now hand the floor to patrick montagner and to the acpr staff to elaborate on a number of these aspects and i wish you an excellent conference. thank you for your attention. bis central bankers ’ speeches

burhanuddin abdullah : monetary and banking in indonesia - developments and challenges ahead speech by mr burhanuddin abdullah, governor of bank indonesia, to the financial club, jakarta, 21 august 2003. * * * excellencies members of indonesian council of world affairs distinguished guests, colleagues and friends, good afternoon, and assalamua ’ alamualaikum wr wb. it is both a pleasure and an honor for me to be here today to speak before distinguished audience. let me first thank you for inviting me, to share with you some of my thought regarding our current situation that could probably shape our future. if one ponders on our world today and tries to look back for a while to not too distant past, one may find himself in a bewildering circumstances. it seems that the past is to starkly different than that of today and that has no relevance with the present, let alone the future that we know nothing of. our very existence at the present is in danger of detachment from our historical root of yesterday. and, yet, we know the passage of time is a continuous events that whatever the dynamic of transition in human endeavour, there is always element of continuity. what is the element of continuity of the economy in transition like the one in our country? does this element of continuity need to be preserved as such that whatever the social dynamics, it has to be maintained at all cost? time is the element of continuity for the evolutionary process of nature and macroeconomic stability, in my view, is the element of continuity for the indonesian economy in transition. the stability is so important that whatever the cost to maintain it, we are ready to pay for it. it is so important simply because we can not imagine what the economy can do without. macroeconomic stability is the “ word ” of the day and macroeconomic stability is a regular preaching of central bankers. as a person who has been in the central bank for years, and so get used to the phrase “ monetary stability ” and / or “ macroeconomic stability ” that some time questioning the real meaning of these very words. especially if we look around and see many of our fellow countryman are out of job and many more becoming parasites of our social web. should we forego some degree of stability in return for employment opening or should we stick to it, and let the other authorities take care of employment issue. the mandate that was given to bank indonesia by its constitution is precisely “ the maintenance of our