the same time some of these same people argue for a successful, strong and widely - used euro that will take its proper place alongside the dollar and the yen as an international - 4trading and portfolio currency, and in that context they positively welcome the active participation of london. in the end i do not think there is very much choice. in a world of increasingly integrated capital markets and liberalised capital movements it is inconceivable that the international use of the euro could be unnaturally constrained. there will be active euro markets in the major financial centres of the world, including in london, which will be ready to trade in the whole range of euro wholesale financial products from day one. and that will be in the interest of financial activity right across europe. like trade in goods, trade in financial services is a positive sum game, so that london ’ s success is not a threat to other european financial centres. as a major interface between europe and the rest of the world i have little doubt that euro - activity in london will mean more rather than less euro activity in other european financial centres like frankfurt, paris, milan, amsterdam or copenhagen. and i have little doubt either that what is good for those centres will be good too for the city. thirdly, and perhaps most fundamentally, the united kingdom, even while it does not participate in the euro, can contribute to its success by continuing to pursue macro - economic, both fiscal and monetary, discipline in parallel with the euro - area countries. the government is committed to this course as a matter of national economic self - interest - one of its very first acts in government for example was to hand operational independence for the conduct of monetary policy to the bank of england. but these same policies are calculated, too, to make us a more prosperous and active trading partner for europe as a whole, and to ensure that we do not have any avoidable disruptive effect on the policies or on the economy of the euro participants. more than this they are calculated to foster sustainable economic convergence as the necessary precursor to our eventual adherence to the euro club. and in the meantime the british government will continue to pursue, and to advocate in the councils of europe the supply - side flexibility that will be vital to its success. madam governor, i hope that i may have persuaded some of you at least that british reservations about monetary union are not just plain obstinacy! out of the first wave of the euro we may be, but we remain very much

. going forward going forward, much still needs to be done. the telecommunication liberalization has led to the creation of an enabling environment for the introduction of electronic payments and mobile banking products never witnessed before in papua new guinea. we have only seen the start of it but the rest is yet to come and it is here to stay and grow. however, the challenge of all the regulatory institutions are to ensure that transactions conducted are cost effective, efficient, and poses a low risk on the consumers. this requires close coordination in the area of regulation especially monitoring and licensing, provision of technological infrastructure and ensuring maximum benefit for consumers. the bank has commenced a major review of the payments system in papua new guinea in 2009. review of the payments system is necessary for promoting a sound and efficient system that will reduce costs to both businesses and consumers and also improve monetary policy transmission. as the electronic or mobile phone banking products are means of payments, the payments legislation will cover its regulatory aspects and where necessary specific guidelines will be introduced for the electronic payments products. conclusion i trust that this workshop will help us understand the various issues relating to mobile phone or mobile money systems and products, and also appreciate major developments and pilot programs already taking place in papua new guinea. this workshop is meant to create awareness on the mobile phone technology that is already in the market place which can be adopted to connect the unbanked segment of our population to financial services so they can be empowered to improve their livelihood. thank you all for accepting our invitation to attend this workshop and i look forward to your productive participation today. thank you ladies and gentlemen for listening.