jean - claude trichet : the international financial architecture - where do we stand? speech by mr jean - claude trichet, president of the european central bank, at the conference “ dollars, debt and deficits - 60 years after bretton woods ”, madrid, 14 june 2004. * * * it is a great pleasure to be here in madrid at the invitation of the banco de espana and the international monetary fund. the 60th anniversary of the bretton woods institutions is indeed an important opportunity to take stock of key events, developments and issues that have shaped and are shaping the international financial system. let me thank the organisers, and especially our host jaime caruana, for setting up a very interesting programme for this conference that encompasses all these key topics. tonight, i would like to offer some thoughts on the question “ the international financial architecture - where do we stand? ” in my remarks, i will first have a short look back at the changes to the international architecture over time, before concentrating on reform efforts that have been undertaken in four areas, namely the institutional setup, transparency and best practices, regulation of financial markets and crisis prevention and resolution. let me briefly look at the changes to the international financial architecture over time. the key aim of today ’ s policy makers has not changed compared to those at the bretton woods times - it has been, and still is, global prosperity and stability - but the environment in which we are acting has changed profoundly. the founders of the imf and the world bank wanted to create institutions that prevent countries from falling back into autarky and protectionism and that help them to raise growth and increase stability in a world of fixed exchange rates with still a large degree of capital controls. today we are striving for stability of the international financial system in a world of free capital flows with a growing importance of private flows and increasing trade and financial integration. among the major factors that we have to take into account, i would like to mention in particular : • the financial globalisation phenomenon : capital market liberalisation, both domestically and internationally, technological advances and buoyant financial innovations have contributed to set up a totally unknown degree of financial globalisation - with great benefits, but also new risks. • the policy responsibility which still lies mainly with sovereign states ; thus, the challenge is to promote global financial stability very largely through national actions enlightened and co - ordinated through a larger degree of intimate international co - operation. • a very large consensus

yves mersch : reaping the benefits of payment services in a new regulatory environment speech by mr yves mersch, member of the executive board of the european central bank, at the european banking federation's executive committee, frankfurt am main, 22 february 2018. * * * the revised payment services directive ( psd2 ) has featured high on the agenda of the payments industry for some time and it will continue to do so. the regulatory technical standards ( rts ) on strong customer authentication and common and secure open standards of communication, which have been submitted by the european commission to the co - legislators for scrutiny, strike a fair balance between the previously diverging views of the different players. they should soon be finalised and then published in the official journal. the new legislative framework will support innovation and competition in retail payments ; it will enhance the security of payment transactions and the protection of consumer data. it will introduce major changes to which all payment service providers ( psps ) will have to adapt, and i encourage all psps to ensure the highest level of security in their payment services and adopt the requirements of the rts ahead of time. banks should also grasp the opportunity to work towards a single and standardised interface to communicate with third - party providers ( tpps ) across europe in a safe and efficient manner. cooperation with tpps and users is crucial in this context in order to deliver innovative, efficient and competitive services to the people of europe. let me explain this in more detail. security requirements during the transition period as co - chair of the european forum on the security of retail payments ( secure pay ), the ecb has contributed in particular to the rts in respect of strong customer authentication and common and secure open standards of communication, the guidelines on security measures for operational and security risks of payment services and the guidelines on major incident reporting. it is still involved in the finalisation of the guidelines on fraud data reporting requirements. now that member states have transposed or are about to transpose the psd2 and almost all pieces of secondary legislation have been finalised, i think we can say that the european market has taken a major step towards : increasing the protection of payment service users against fraud and possible abuses of their financial information, fostering the resilience of psps through harmonised minimum security requirements, and towards enabling competition in the field of payment services by introducing innovative payment services such as payment initiation services, account information services and issuing cardbased payment instruments where a