instruments, schemes and arrangements ( pisa framework ) for consultation. the framework sets out oversight principles in a single, future - proof and harmonised manner for electronic payment instruments, schemes and arrangements. 21 indeed, it will complement the forthcoming reviews of both the revised payments services directive ( psd2 ) and the settlement finality directive ( sfd ), which should build public trust in, and access to, payments systems. other innovations in payments are in the form of crypto - assets. the central bank supports innovations that increase the ef ciency of nancial services to consumers, but some innovations are a cause for concern with potential for money laundering or other criminal activity. we do not support innovations that fail to reach the high standards and controls that protect consumers and underpin the integrity of the nancial system or those which put nancial stability at risk. and in this context, the central bank is supportive of the european commission ’ s work on advancing an eu framework for markets in crypto - assets and welcomes the development of a more harmonised approach to crypto - assets. 22 digital euro let me now turn to the topical subject of central bank digital currencies, or in the case of the eurosystem, the digital euro. today i have spoken about the role of central banks, how we provide a public good – money, and how public trust in our payment systems is a cornerstone underpinning our mission to safeguard monetary and nancial stability and to protect consumers. the role of the central bank and public money ; the importance of trust, access and safety, our mandate of monetary and nancial stability and the developments in innovation, digitalisation and technology all come together when we think of central bank digital currencies. with electronic payments becoming increasingly popular, a digital euro would ensure that sovereign money – a public good issued by the central bank – remains available in the digital era. in addition, a digital euro could encourage further innovation and digitalisation in retail payments. however, there are also risks. in this context, the ecb has conducted a public consultation on a digital euro, to get the views of the public, business, industry. some of the key features of a digital euro raised in the consultation were privacy, security and broad usability. the eurosystem will carefully consider these elements as it prepares to decide on initiating a digital euro project this summer. if a digital euro project is started, building public trust, communicating on progress and engaging with our citizens

retail payments, considering cash payments accounted for 73 per cent of all physical retail payments in 2019 across the euro area, ( but 48 per cent of the value ). 10 indeed the recent ecb space survey, found that 56 per cent of people surveyed in ireland thought it was important or very important to have the option to pay in cash, ( slightly higher than the euro area at 54 per cent ). as we move forward it is important in our role as central banks that we continue to ensure choice and the availability of cash. not all members of the public will want to use electronic means of payment owing to their habits, or a preference for anonymity and privacy for example. cash is also preferred for budgeting purposes among some households and surveys show that certain demographics would nd it dif cult to manage without it. 11 it is important to recognise the role that cash plays in nancial inclusion. the central bank recognises the importance of ensuring the public have the right to choose the payment methods that serve their needs in the various circumstances in which they pay. re ecting this, we are committed in our strategic plan to develop and implement a strategy for the national cash cycle that will meet the needs of the evolving hybrid cash and digital payments landscape. in addition, we are fully committed to the eurosystem cash 2030 strategy vision “ that euro cash is generally available as an attractive, reliable and competitive payment instrument and store of value of choice … that we support access to cash services for all euro area citizens and businesses … and that de nes the acceptance of cash as essential for the freedom of choice how to pay ”. 12 which brings me to europe. our place in europe as i mentioned earlier, trust is central to money and payments. harmonising standards, common goals and shared policies on a pan - european basis, builds trust in our systems. ireland has bene tted signi cantly from its integration into europe in the area of payments. for example, with the introduction of the single euro payments area ( sepa ), irish customers can now make electronic euro payments – via credit transfer and direct debit – to anywhere in the european union in a fast, safe and ef cient way, just like national payments. 13 sepa signi cantly reduced the cost of moving money around the european economy and improved the ef ciency of the payment process for consumers and businesses. together with the eurosystem, the central bank has common goals “ to guarantee