Here in Morocco, we have just completed our national strategy for financial inclusion, which will be discussed in the appropriate panel. As for regulation, we are now called to leave room for creativity and Fintech development, but at the same time, preserve and strengthen resilience of our financial systems, and protect consumers and enterprises, particularly smaller ones. To guarantee such a difficult equilibrium, risks shall be identified and classified, and the potential impacts of innovation and of the new financial activities shall be foreseen. Sometimes, central banks are required to resort to interim solutions in the absence of statutory powers, as is the case for crypto-assets. In fact, to deal with this issue, which arose in Morocco in 2017, we chose to approach it from the consumer protection angle to attract attention to the risks involved. Still, it should be made clear that we have not taken a final position on the issue. Moreover, as enterprises, we are also called to adapt ourselves to this digital transformation, starting with strengthening the capacity of our human resources in this field and reinforcing our infrastructures, mainly the information systems whose resilience to cyber criminality has become a daily concern. 9  In this regard, and as part of our 2019-2023 strategic plan, we conducted a thorough reflection in Bank Al-Maghrib and have just drawn up a roadmap for our own digital transformation.
In particular, I would like to thank Alejandro Jara, Markus Kirchner, Andrés Fernández, Victoria Nuguer, and Liliana Rojas-Suarez for setting up the agenda, and to Tomás Gómez, Paloma Navarro and María José Reyes for the excellent organization of the event. I wish everyone a very fruitful discussion and a pleasant stay in Santiago. ***  References Espinosa, C. and J. Fernández (2015). “Comparación Histórica de Resultados en el Sector Corporativo en Chile”. Economía Chilena, Vol. 18, No. 1. Agosin, M., G. Crespi, and L. Letelier (1999). "Explanations for the Increase in Saving in Chile", in C. Reinhart (ed. ), Accounting for Saving – Financial Liberalization, Capital Flows and Growth in Latin America and Europe, Inter-American Development Bank, Washington, D. C.  Page 5 of 5