medium term, rather than in reaction to very short - term developments, security of tenure for a relatively long time – in the case of the ecb ’ s executive board, for instance, the nonrenewable term is eight years – is quite relevant. it helps the decision - makers to set monetary policy independently of the political cycle. 1 in theory, central bank independence tends to be taken for granted. in practice, as the european experience shows, it may be challenged even when the statutes of the central bank are enshrined in a constitutional framework. the support of the people for the independence of the central bank and for the objective of price stability is additional protection against any attempt to undermine independence. in all the countries of the euro area, the support of public opinion for these two things is very strong. the fourth lesson is that clarity about the role of monetary policy also helps to clarify the role of other policies, in particular fiscal and structural policy. with respect to fiscal policy, there is now a consensus that fiscal discipline is essential, not only in a monetary union but also in individual countries, to ensure room for manoeuvre for an anticyclical budget, be it discretionary or automatic. the stability and growth pact and the 3 % and 60 % limits on a country ’ s deficit and debt in the treaty establishing the european community have now also found a broad application in macroeconomic surveillance in other continents. experience shows that countries that have complied with the requirements of the pact, in particular by maintaining a sound budgetary position in good times, have a wider margin to absorb the negative effects of an economic slowdown. those countries which instead delay the adjustment are certain to face the next slowdown with much greater anxiety, with negative effects on consumer and investor confidence. the main instrument for enhancing long - term economic growth and employment is structural policy. this has become universally recognised in the eu. the lisbon process enables structural policies and their results across countries to be compared, on the basis of a simple set of indicators. this has the advantage of focusing discussions within the individual countries on policies that are necessary for growth. some results have been achieved. for instance, the structural rate of unemployment has decreased substantially in most countries, following labour market reforms. overall, some 13 see l. bini smaghi ( 2008 ) : “ central bank independence in the eu : from theory to practice ”, european law journal, forthcoming. million jobs have been created since the introduction of the

infrastructures developed to process instant payments form the ideal basis for innovative payment solutions that meet the needs of today ’ s and tomorrow ’ s end users. let ’ s be clear : this is more than just a need for speed. european people and businesses are looking for payment solutions that fit seamlessly into their daily lives and business processes, from person - to - person payments to online marketplaces, and from micropayments to industry 4. 0. each of these payment solutions could be enhanced by an instant payment feature, but they also require additional services to create a smooth and secure payment experience. payment solutions can be integrated into or linked to mobile apps for ordering goods and services, thereby providing vendors with real - time confirmation of incoming payments. and instant payments can be integrated into business software and will undoubtedly pave the way for many other additional 1 / 3 bis central bankers'speeches services. this is where market players can provide added value and create new business opportunities. time to take action market players need to take action. payment service providers around europe need to start offering their customers instant payment services. and they need to do so quickly. experience from other markets, from photography to music to bookshops, shows that when disruption hits, established players can quickly lose their seemingly comfortable position and find themselves struggling to remain relevant. thanks to instant payments, the european payments industry can create a pan - european platform for innovation. but only if everyone in europe can pay each other instantly and the service is not restricted to the customers of certain banks or residents of particular countries. moreover, payment service providers should not erect any barriers to the uptake of instant payments, for example by only offering them through a limited number of channels or by charging prohibitively high fees. such strategies will only drive end users to other players. no one owns the customer. web and technology giants are already knocking at the door, eager to leverage their existing user base to quickly gain market share in payment services. to achieve economies of scale and benefit from the integrated european payments market, providers of instant payment services should also ensure that their services are truly paneuropean. their customers should be able to send and receive payments across europe, in line with the principles of the single euro payments area. ensuring this reachability is the responsibility of each individual payment service provider, but the eurosystem is also doing its part to facilitate pan - european reach. our new tips service is in an optimal position to do so : it has been designed