some of the intrinsic features of the g20 come again to the fore : the g20 is composed of countries with different economic structures, different political systems and different short - term interests. such diversity makes it obviously harder to reach consensus, harder for instance than at the level of the g7 which is a similar forum, whose death was also declared prematurely. the g20 remains important for policy dialogue with a view to reaching a common understanding on economic challenges shaping the outlook. such a common understanding is a key condition for being ready to act in a globally cooperative manner when the need arises. therefore, the main question now is how to further improve the g20 ’ s effectiveness as an informal forum for economic policy dialogue. the imf points to the fact that “ growth dynamics further diverge ” at the global level and states that, in particular. “ the advanced economies have recently gained some speed, while the emerging market economies have slowed [ and that ] the emerging market economies, however, continue to account for the bulk of global growth. within each group, there are still broad differences in growth and position in the cycle ” ( see weo, october 2013, chapter 1 ). bis central bankers ’ speeches let me throw out, for discussion among the panellists, three ideas : first, it is essential to return to a more focused agenda. the g20 should concentrate on topics where it can bring genuine value added compared to the activities of the formal institutions which, at the global level, deal with economic policy matters. since the core of the g20 remains the finance ministers and central bank governors ’ meetings, the g20 is not ideally placed to deal with e. g. food security or labour issues. thus, the number of work streams and working groups should be reduced. but the group is well placed to discuss global economic and financial challenges, such as financial regulatory reform, tax issues, macroeconomic policies and global financing. what we need is an effective division of labour between the g20 and the international organisations, with the latter providing technical / analytical input to the informal setting of the g20, but also receiving political signals on key orientations for an effective functioning of the international organisations in the global economy, e. g. that the imf should refine its surveillance of the global economy ; what the priorities and timetables of the fsb should be in terms of global financial regulation ; what route the oecd should take on tax evasion or tax transparency. my second idea –

yves mersch : " rencontres du club sepa " speech by mr yves mersch, member of the executive board of the european central bank, at the " rencontres du club sepa ", paris, 15 february 2018. * * * with the launch of instant payments in euro in november 2017, the european retail payments market entered a new era. we are moving from a world where it is considered normal to wait a day or more for a payment to arrive to a world where payments are delivered in real time. this is overdue as i consider it anachronistic that services in an e - commerce transaction are delivered in real time and even goods sometimes only take a few hours – while the settlement of payments to release such goods and services would take a full business day. now, payments will be delivered as fast as emails, instant messages and streamed content. i believe that – as was the case in these other industries – end - users, at least the younger and technology - proficient generation, will soon start to expect instant payments. instant has the potential to become the new normal, and we will wonder how we were ever satisfied with payments arriving only on the next business day. in order to support these demands and enhance customer experience, it is not sufficient to have the infrastructures in place to process payments instantly ; payment solutions that are tailored to the specific needs of consumers and businesses are also required. in order to foster a dialogue on such needs, the ecb hosted an event last week at which providers demonstrated the apps they have created to support instant payments and exchanged views about the extent to which they would meet customer needs. this event reinforced my firm belief that instant payments will be the basis for innovative payment solutions, but at the same time, it is only in combination with these solutions that instant payments will live up to their potential to become the new normal. this is why today i call on the industry to take the next step and develop end - user solutions that will allow consumers and businesses to enjoy the benefits of instant electronic payments in any payment situation, in addition to cash, which is still popular. instant payments – a tool for innovation in payments until now, the focus has mainly been on the three basic layers of the instant payments pyramid : the scheme, clearing and settlement layers. great progress has been made in all three of these : at the request of the euro retail payments board ( erpb ), the european payments council launched the sepa instant credit transfer (