shape of this legal framework. i therefore welcome the efforts being made by the european authorities to settle these aspects as soon as possible in order to support the market in implementing this new framework. i would in particular highlight three fields : first, the legal framework as it currently stands is still incomplete. one important aspect in this regard is the question of the interface to be used for tpps to access account servicing payment service providers ( aspsps ) : will it be a so - called dedicated interface or will it be direct access? in this regard, the eu regulator still needs to define whether there will be one interface or two and in the latter case under which conditions each could be used. second, further legal clarity is needed from the regulator on a number of legal framework aspects. one such aspect is passporting, i. e. the conditions under which a tpp licensed in one country could provide services throughout the whole of the eu. finally, another aspect is the specific legal regime that is in force between the transposition of psd2 into national law by january 2018 and the applicability of rts in 2019. the authorities should follow a consistent approach and not exercise unwarranted discretion in the implementation of the psd2 requirements. this is needed to maintain the level playing field. it applies particularly in the period between the transposition of the psd2 into national law and the coming into effect of rts. for instance, it does not appear conceivable that the obligation of tpps to identify themselves to the aspsps differs between member states. with a proper regulatory framework and an integrated market infrastructure in place, the foundation has been laid. the psd2 cannot however settle all issues. within the euro retail payments board we have established a working group that will define the technical, operational and business requirements for payment initiation services. the work is challenging, as there are diverging views among stakeholders. it is essential that a harmonised approach and common business practices are defined so that payment service providers can offer services in an integrated manner across europe. in this vein, i hope for market collaboration that allows us to reach a constructive solution which benefits the market and remains faithful to the spirit of the legislation. recent discussions suggest progress, and i hope that we can combine our energy and find a compromise that will be a win - win for europe. conclusion to conclude, i will reiterate that fintech has unleashed the potential for innovative financial services that can bring benefits to

, and for that reason it is very important that society accepts the values and behaviour observed in the economy. you ’ ve spent the last 40 years working in the public sector in the area of monetary policy – first in paris for france, and now in frankfurt for the euro area. can you tell us something : what is money, the nature of money? money has an essential function. it acts as a store of value, it is a means of exchange and it allows people to calculate the price of everything. money is an inseparable element of civilisation, as it allows the division of labour. it is only thanks to money that we have cities at all. i would compare money to a poem, since a poem always retains its structure, just as a gold coin always retains the image stamped on it. once formed – whether written or minted – these two things should not and cannot be altered. goethe gave considerable thought to this issue, as you can see from reading faust. to what extent are you personally fascinated by money? i, personally, am not fascinated by wealth. in germany we say that money rules the world. would you, as a man of money, confirm that? no, i would not say that at all. ideas rule the world – hopefully. money is a means, not an end ; an instrument, not the ultimate goal ; un moyen, pas une fin. bis central bankers ’ speeches your wife recently said on german television that the question of whether she was pleased that her husband ’ s work was coming to an end was a “ delicate and difficult question ”. she also said that she hopes you find something to occupy yourself with as soon as possible. what does madame trichet mean by that? did she really say that? she knows me well. i will certainly remain active. but i will wait until i have left the ecb before deciding what exactly i will do. does she perhaps mean that jean - claude trichet cannot be happy without work? you can trust my wife on that! mr trichet, why is your signature on the euro banknotes? the euro banknotes are issued by the ecb. i therefore sign the euro banknotes as president of the ecb, on behalf of the governing council. currently there are around 14 billion euro banknotes in circulation. bis central bankers ’ speeches