vitas vasiliauskas : macroprudential regulation and financial stability speech by mr vitas vasiliauskas, chairman of the board of the bank of lithuania, at the highlevel international forum, minsk, 1 november 2019. * * * dear governor kallaur, ladies and gentlemen, it is my great pleasure to join you at this high - level international forum – and to celebrate the 25th anniversary of the belarusian ruble. congratulations on this important milestone. financial stability is key to ensuring trust in any currency. therefore, the topic i was invited to discuss today – namely, macroprudential regulation – fits the occasion well. in my remarks, i will consider three dimensions to macroprudential policy - making : the international, the european, and the domestic, or national, level. let ’ s begin with a broader international perspective. the global financial crisis taught us a lesson : microprudential regulation and supervision alone are not enough to safeguard the financial system. vulnerabilities may build up across the financial sector through complex interlinkages – even though individual entities may seem stable on a standalone basis. the crisis was thus a catalyst for the rise of macroprudential policies. the focus turned to ensuring the stability of the financial system as a whole. international cross - cutting post - crisis reforms – such as basel iii – helped accelerate this process. today, over 90 % of world economies have at least one macroprudential policy measure in place. the average number of measures per country is more than nine1. in other words, macroprudential policy has become mainstream. a saying was even born, paraphrasing milton friedman, that “ we are all macroprudentialists now ” 2. of course, the macroprudential domain differs across regions. in emerging market countries, tools to manage foreign exchange mismatches in the banking system are more popular than in advanced economies. such measures include, for example, limits on the net foreign exchange position. 3 many countries also differentiate liquidity tools and reserve requirements by currency. by minimising foreign exchange lending risks and encouraging local currency savings, these instruments can directly strengthen the role of local currencies. across the advanced economies, bank capital measures are the top choice. and, in recent years, more countries are activating borrower - based instruments, such as restrictions on loanto - value and debt - to - income or debt - service - to -

gediminas simkus : the future of central banking welcome speech by gediminas simkus, chairman of the board of the bank of lithuania, at the international conference " future of central banking " organised by the bank of lithuania and the bank for international settlements ( bis ) on the occasion of the centenary of the bank of lithuania, vilnius, 29 september 2022. * * * thank you, your excellency president gitanas nausda, for opening this international conference on the future of central banking. since its official establishment on 27 september 1922, the objective of lietuvos bankas has been developing a sound and sustainable monetary system that contributes to the resilience of the lithuanian economy. reestablished 1 march 1990, the lietuvos bankas continues to contribute to sustainable economic growth and the improvement of resident welfare. the fundamental principle that underlies all our activities is creating value for society. while we are all gathered here today in celebration of the centenary of lietuvos bankas, the focus of our discussions will not be reflection on what has already been accomplished. rather, we will talk about the challenges, opportunities, and changes that await lietuvos bankas – and central banking in general – over the next hundred years. dear governors, distinguished guests, ladies and gentlemen, we root our decisions in data, and as the world becomes increasingly digital, we are shifting from data - centric to data - driven policy making. in the course of this shift, we have been hearing legitimate questions as to whether central bankers will be replaced by algorithms – computers, so to speak – in the foreseeable future, given that computers can make better decisions than humans when those decisions are purely data - driven. so how will lietuvos bankas – or generally speaking, a central bank – look a hundred years from today? central banks were always data - dependent in their decision - making. but nowadays – and going forward – it no longer suffices just to have a hypothesis and validate it with data. banks must become data - driven and adept at data wrangling in order to generate useful insights. a lesson we central banks learned from the crises of the recent decades is that we don't know enough, but those who are performing the best are always the ones who know the most. 1 / 3 bis - central bankers'speeches with the power of increasingly advanced computers and near - instant access to data, it is almost certain that in a hundred years,