, we started elsewhere : considering the gains for consumers, and, not least, the economic, financial, legal, operational and competition issues involved. agustin carstens'interview with adam posen ( piie ) : https : / / www. bis. org / speeches / sp210331. htm. central bank digital currency in denmark? https : / / www. nationalbanken. dk / en / publications / pages / 2017 / 12 / central - bank - digital - currency - indenmark. aspx. page 3 of 5 how will denmark be affected if other central banks provide access to a retail cbdc, that is : central bank accounts for consumers and corporations? the answer is that this depends on the design of the retail cbdc. if we're talking about a product with an account threshold of 3, 000 euro and with restrictions on non - residents, the effect will be negligible. if, on the other hand, there will be access to unlimited accounts at the ecb for both danes and euro area residents, including large corporations and pension funds, the effect could be substantial, but this seems unrealistic. this would hardly be a problem at present, but potentially greater capital movements must be expected, for instance during periods of pressure on the danish krone. i will conclude with some headline comments on what danmarks nationalbank perceives as being the main challenges in the payments area – challenges we are devoting substantial resources to addressing : • the greatest challenges are undoubtedly security and stability, including both the risk of cybercrimes and it system failures due to technical factors. we engage in extensive collaboration with the sector, public authorities and other central banks in this area. we chair and provide secretariat services to fsor10, perform tiber tests11 and chair the danish payments council. we're working to integrate technical crisis response and the resilience underlying our role as provider of online banking services to banks in pan - european system. • • • we launched instant payments relatively early in denmark – giving us an edge we should maintain. handling anti - money laundering rules and customer knowledge requirements present a great challenge, both for banks and public authorities. vast resources are being devoted to this area, and the results may not justify the resources spent. we have tried to contribute by developing an advanced digital system that helps to better target joint efforts in this area through detailed payment information. cross - border payments still leave much to be desired,

by the european parliament because in our view they are very insufficient. in wanting to strengthen competitiveness and budgetary orthodoxy, are we not condemning europe to sluggish growth for some time to come? competitiveness is at the root of everything. the euro area is more open to the rest of the world than japan or the united states. we accept global competition. when one member of emu achieves a good level of competitiveness, as germany currently has, this benefits the euro area as a whole. if we wish to improve standards of living and create employment in the emu the only way is through competitiveness. a new round of “ stress tests ” is going to be launched in order to assess banks ’ risk. what can we expect from this new exercise, the credibility of which has been diminished by what happened in ireland? should a state ’ s risk of default be taken into account, something which wasn ’ t done in the last round of tests? these stress tests are currently being very carefully prepared by the relevant institutions. i have every faith that they will be rigorous in their preparation. as you know, a state ’ s risk of default as measured by the market is taken into account in the “ trading book ”. in the “ banking book ”, where instruments are held until maturity, default is not an envisaged possibility. is the ecb better equipped to prevent / anticipate a country ’ s risk of default now that it is at the helm of the new european systemic risk board ( esrb )? the esrb ’ s objective is certainly not to be a giant rating agency for european countries. our working hypothesis is of course that no default of any country of the euro area should be envisaged. the french presidency of the g20 is pursuing two very ambitious objectives : international monetary system reform and the development of measures to curb the volatility of the prices of raw materials. do you think that it will be possible to achieve tangible results in these two areas? bis central bankers ’ speeches these are areas of great importance, which merit a substantial degree of attention on the part of the g20 countries. on the subject of exchange rates, the major emerging market economies that are growing very rapidly and exhibiting considerable current account surpluses should gradually introduce more flexibility into the management of their exchange rates. this has already been made public by previous g20 statements. in due course, there is the question of these major new currencies becoming fully convertible and freely