annual rate, index : 2015q1 = 100 ) index total goods and services total goods commercial services travel services source : statistics canada total services last observation : 2019q4 while many services exporters will struggle until a vaccine is widely available, some goods exporters have been able to adapt safety protocols and bounce back quickly. motor vehicle and parts output, for example, came to an almost complete stop in the spring. since then, the sector has regained nearly all of the lost ground as factories adapted their value chains and production processes. the rapid rebound in goods exports is certainly encouraging. by october, the value of goods exports had recovered almost 90 percent of the loss seen in the spring. if struggling services exporters can hang on until a vaccine is widely available, canada ’ s export performance could avoid the serial disappointment of the period that followed the global financial crisis and help cement a sustainable recovery. of course, this is by no means guaranteed. the rebound in goods exports could fizzle out as companies finish rebuilding inventories, while prolonged hardship could force many services exporters to close their doors. and the underlying competitiveness challenges that have restrained export growth over the past decade have not gone away. more recently, the canadian dollar has been appreciating, largely reflecting a broad - based depreciation of the us dollar. this is hurting the competitiveness of canadian exporters in our largest market. two scenarios for trade where does the trade story go from here? let ’ s imagine a couple of plausible scenarios : one pessimistic, one optimistic. in the pessimistic scenario, the global spread of covid - 19 fuels antiglobalization sentiment and a continued rise in protectionism. this is not farfetched. a recent ipsos poll found significant support among canadians for measures that would make the country less reliant on international trade. the same poll found much less support for measures that would help canadian companies export more. this is troubling because international markets are essential for canadian companies to achieve competitive scale in their operations and because canada benefits from imports in many important ways. in the pessimistic scenario, we also fail to diversify our trade or improve our competitiveness. rivalry and distrust between the united states and china thwart our efforts to develop export markets in asia. investment remains weak, and our productivity growth continues to lag. what ’ s more, new market access for our energy products doesn ’ t come on stream, holding back canada

coordination between public authorities with responsibilities in the field of payments safety need to integrate a european and international dimension to be fully effective. this is a direct consequence of the european and even global interdependencies of security issues. i am happy to see that at european level, the creation of the secure pay forum in 2011 has followed this path by reinforcing cooperation between central banks and prudential authorities of the european union and the european economic area in the field of retail payment security. this cooperation within secure pay has already delivered important results : two sets of recommendations have been issued so far, concerning the security of internet payments in 2013, with an expected compliance of the market by february 2015, and the security of mobile payments in 2014, with recommendations currently being finalized. the final text of the recommendations concerning the security of payment account access service has also been published for information in may 2014 and shared with the eba, in light of the ongoing revision of the payment services directive. the fact that the european legislator has taken into account large parts of the secure pay forum ’ s recommendations in the review of the payment services directive is for me the proof of the quality of the works led by the forum. i particularly welcome the integration of strong customer authentication in the revised text of the directive, which clearly constitutes a major progress in the security of retail payments. secure pay has recently undergone a significant governance change, and will in the future be co - chaired by the european banking authority and the european central bank. this should further increase cooperation between the oversight and supervision institutions and ease the implementation of recommendations. to conclude – and i will finish there –, i would like to underline how topical this conference is. as the proposal for the revised payment services directive is currently discussed in the council of the european union, a unique opportunity is given today to all stakeholders to tackle the different issues raised by the new regulation in the presence of representatives from all european competent authorities that are involved. once again, thank you all for being here, and i wish you fruitful and vivid discussions on all of these aspects, hoping this conference will provide you with a comprehensive overview of the new security challenges for retail payments. before leaving the floor to our first set of panelists i now invite you to listen to benoit cœure, member of the executive board of the european central bank, who cannot be physically with us today but who has recorded his comments for us. thank you for your attention. bis central bankers ’ speeches