and the full cooperation from each one of us to do what it takes to keep viral transmission under control, this growth target is easily attainable. with the expanding economic activity, we are also expecting the unemployment rate to fall from a record - high 17. 6 percent in april — the height of the lockdown — to 7 percent in 2021. indeed, deep into the pandemic and even during the strictest part of the lockdown, we have exhibited fortitude and resilience as individuals and as a nation. but resilience is not enough. we must collect and harness significant lessons from this experience, so when we find ourselves in a similar situation in the future, we will be more prepared and know exactly what to do. 2 / 3 bis central bankers'speeches we ought to keep in mind that famous quote : tough times don ’ t last ; tough people do. finally, as with any other significant disruption in our history, it is my fervent hope that this crisis will usher in a new economy — one that is more robust, more inclusive, more technologicallysavvy. as soon as this pandemic fades, i expect that the philippines to become nothing less than an economic champion. thank you very much and cheers to a promising and bright 2021! 3 / 3 bis central bankers'speeches

burkhard balz : the impact of digitalisation on the financial system speech by mr burkhard balz, member of the executive board of the deutsche bundesbank, at the fgv - ebape in rio de janeiro, rio de janeiro, 29 april 2022. * * * 1 introduction ladies and gentlemen, fgv students and faculty members, professor norden, thank you very much for inviting me here today. it is a great pleasure for me to be at the fgvebape in rio de janeiro. given the restrictions imposed by the coronavirus pandemic over the last two years, i do not take this opportunity for granted and am very thankful for the chance to exchange views with you today. one thing is for sure ; you can ` t go to brazil and not go to rio de janeiro. when you think about brazil, it is rio that first comes to mind. rio is one of the most sought - after destinations in brazil and has more citizens than some european countries in total. however, rio de janeiro is not just known for its carnival and sunny beaches, but also for its unique fintech climate and its role as an economic powerhouse. the city of rio de janeiro is home to the headquarters of many private, national, multinational, and state corporations. needless to say, the rise of digitalisation in society and business will also affect the future of this city. i am not only delighted to be in rio de janeiro, but, more importantly, to be able to discuss the impact of digitalisation on the financial system with you here at the fgv - ebape today. digitalisation is picking up speed. this affects universities, as well as you as students. not just as consumers, but also as future employees and managers in business, digitalisation will accompany you throughout your lives. digitalisation is pertinent to the entire financial sector. as my colleague roberto campos neto, president of the banco central do brasil, once so aptly put it : “ there can be no more difference between a large bank or a fintech. all financial institutions must be digital. ” 1 digitalisation is also very evident in payments : it fundamentally changes the way we pay. this brings me straight to the subject of my speech. as the deutsche bundesbank executive board member responsible for the area of payments, i have been monitoring changes in this sector since september 2018. it is clear to me that the pick - up