alignment of regulatory, supervisory and oversight frameworks across jurisdictions. where appropriate, this should be done on a “ same business, same risk, same rules ” basis. high - quality customer due diligence is, of course, essential. but it is relatively costly for crossborder transactions. so the fsb wants to improve confidence between financial institutions and between jurisdictions. we want to do this by : promoting more consistent application of aml / cft standards ; facilitating cross - border data flows and information sharing ; fostering improved digital identity frameworks as well as customer due diligence infrastructures ; and, in specific cases, by identifying low - risk “ safe payment corridors ”. our third focus area is that we need to better align existing payment infrastructures and arrangements. the reason for this being that technical differences increase costs and slow transactions. so this third focus area of the fsb roadmap would seek several things – for example, to strengthen links between payment systems and reduce settlement risk, through measures such as facilitating payment - versus - payment, to improve access by banks, non - banks and payment infrastructures to systems, to extend and align operating hours between systems, 2 / 4 bis central bankers'speeches to pursue better interlinking of payment systems for cross - border payments, and to explore reciprocal liquidity arrangements. fourth – to reduce costs and improve the scope for straight - through data processing, we need better data. to achieve this, we need to adopt common data formats, including rules for conversion and mapping from legacy formats, as well as protocols for information exchange. more specifically, the fsb roadmap aims to harmonise technical standards common message formats and standards for data exchange. we are also examining the scope for a unique global identifier that links to the account information in payment transactions. these improvements would also be important building blocks to enable the development of efficient new payment infrastructures. our fifth and final focus area is that we need to examine the potential role of new types of payment infrastructures and arrangements, like central bank digital currencies and well - regulated “ global stablecoins ”. so far, these innovations have not been implemented broadly – some are still in their design phase and others remain theoretical. but they could, potentially, bypass barriers that are hard to address by merely adjusting existing processes. so with this focus area, the roadmap is examining in particular to what extent such innovations could contribute to improved cross - border payments – all of

lawrence schembri : monetary policy framework issues - toward the 2021 inflation - target renewal remarks by mr lawrence schembri, deputy governor of the bank of canada, at the bank of canada workshop " monetary policy framework issues : toward the 2021 inflation - target renewal ", ottawa, ontario, 14 september 2017. * * * good morning everyone, et bonjour a tous. bienvenue a la banque du canada. je m ’ appelle larry schembri. je suis un sous - gouverneur ici a la banque. it is a great pleasure for me to open this workshop on issues central to the monetary policy framework and its implementation. given the significant challenges central banks have faced in achieving their monetary policy goals since the global financial crisis, this is a propitious moment to step back and re - examine these fundamental issues from a variety of perspectives. as many of you know, the current monetary policy framework in canada consists of two components : a consumer price index ( cpi ) inflation target of 2 per cent, the midpoint of a control range of 1 to 3 per cent ; and a flexible, market - determined exchange rate. while the second component has been in place for almost 60 of the past 70 years, our inflationtargeting regime was implemented in 1991 and the current specification has existed since 1995. this framework has served canada well in the face of significant movements in commodity prices and canada ’ s terms of trade, as well as other shocks, including the great recession. inflation has averaged just below 2 per cent since we implemented the target, and both output growth and inflation have been much more stable relative to before 1991. in addition, two important features of our inflation - targeting regime have drawn favourable international recognition : first, the price stability policy goal of the regime is founded on a joint agreement between the bank of canada and the government of canada ; and second, the agreement is reviewed regularly on a five - year basis. the joint agreement with a democratically elected government enhances the legitimacy of the price stability objective and thereby boosts its credibility. it also gives the bank of canada operational independence to achieve this goal. the regular five - year review, meanwhile, affords the bank the opportunity to revisit many important aspects of our monetary policy framework and its implementation. while the framework has worked well in the past, improvements should always be considered — especially given the changing economic environment, the lessons learned from experience in canada and elsewhere, and