to 2020, to 116, 401, signalling a change in consumers ’ habits and increased orientation towards using digital means of entering into financial service contracts. of this, 18, 300 contracts were concluded using video - identification of consumers. further, when we compare q4 2021 with q1 2020, we see that the number of performed mbanking transactions increased by close to 120 % for natural persons and as much as 170 % for legal persons and entrepreneurs. the use of e - banking, which performed well even before the pandemic, also went up, with the number of transactions higher by 17 % for natural persons and 36. 3 % for legal persons and entrepreneurs. in your report, you specified that many of the countries in which the ebrd is operating plan to introduce the regulatory sandbox, which we have had in serbia for a long time already. we are also exploring the possibility of applying different innovation technologies, such as blockchain technologies and artificial intelligence, to respond to the needs of our business processes. to the extent possible, we have also regulated virtual currencies as a type of digital assets. in addition to all that, we need to cooperate and keep an open mind. as augustin carstens, general manager of the bank for international settlements, recently said : “ the soul of money belongs neither to a big tech nor to an anonymous ledger. the soul of money is trust. ” i have the habit of saying that people, knowledge and trust are the key foundations on which rest governments and all institutions, banking in particular. this does not change an iota in the digital era. it is the task of central banks to build trust, and i can promise that we will strive to deserve this trust in the years ahead, just as we have deserved it in the past ten years. i thank you for your attention, but also for your trust. ladies and gentlemen, esteemed colleagues, it is my message that we should not shy away from new technologies, but that we need to be prudent and cautious and take measures to manage cyber and other risks, to which we pay particular attention in the national bank of serbia. it is our task to create conditions worthy of the 21st century man, because you cannot start anything without people or complete it without institutions. i wish you a successful presentation and good health! 2 / 2 bis central bankers'speeches

national burden, ” which includes the fiscal deficit, the same conclusion still holds. although this suggests that shouldering a somewhat heavier burden for somewhat better safety nets is a reasonable option for japan, the question of how much remains. all in all, it is not easy to achieve a national consensus on how much higher benefits and burdens will be appropriate. it may take some time before japanese people make a choice. iv. to the second stage of structural reforms the worst scenario is that japan will fall into a “ heavy burden but insufficient benefit ” society, which might actually take place without a gain in productivity. it is exactly in this context that the structural reforms should be propelled further. among many reform agenda, i will focus on the importance of facilitating further integration of japan into the global economy. further integration into the global economy although at home resources are constrained by the declining population, there is a great source of usable technology, labor, and management skills abroad. i believe that what determines a nation ’ s long - term economic growth is not its population but its flexibility in taking advantage of globally available resources. let me discuss two aspects of globalization : use of the foreign management resources and use of foreign labor force. the first aspect is to introduce more foreign management resources. as chart 10 shows, although foreign direct investment into japan has been increasing considerably, the stock of direct inward investment as a ratio to nominal gdp is still much lower than the same ratio for other countries. one good example is the united kingdom in the 1980s. tax incentives, infrastructure improvements, and other measures were taken to promote foreign inward investment. japanese manufacturers, encouraged by the u. k. government, decided to build their factories here ; nissan was an early good example and many others, particularly automobile companies and electrical appliances companies, followed suit. the core of the reform in the united kingdom was perhaps its willingness to be open to the world. many years later in the late 1990s, it was again nissan that became a model, this time, of demonstrating the merits of learning from foreign management. mr. carlos ghosn came to nissan as a new president, transforming the company at a crisis into one with years of record performance. the revival of nissan, by creating a more competitive environment, contributed to invigorating the entire automobile industry and triggered a large - scale restructuring of suppliers. the second aspect of global integration is more extensive use of foreign labor. some people express their concern that if the introduction of foreign workers is too rapid,