and where might shared solutions be beneficial for all concerned? ultimately, we have a common goal : to maintain confidence in our currency. against this backdrop, an efficient and secure payment system will be as critical as ever in the years ahead. conclusion ladies and gentlemen, the snb has a mandate to facilitate and secure the operation of cashless payment systems. it fulfils this task by acting as commissioning party for the sic system, and guiding the latter ’ s ongoing development in conjunction with the banks. in so doing, it creates the conditions at the infrastructure level for efficient, secure and future - proof swiss franc payments. the snb acts in the interests of all stakeholders in cashless payment systems in swiss francs. to this end, we are engaged in active dialogue with both banks and non - banks. this evening, we have given you the perspective of the central bank, however it is important to hear other perspectives, too. so i am particularly looking forward to our panel discussion. the noted economist and author jurg muller will act as moderator. after the discussion, our panellists, thomas moser and i will be happy to take questions from the audience. i hope we can all continue these conversations during the drinks reception. page 9 / 9 the evolution of payment systems in the digital age : a central bank perspective andrea m. maechler, member of the governing board thomas moser, alternate member of the governing board zurich, 28 march 2019 innovations in payment systems : between efficiency and security promissory notes, cheques & banknotes gold & silver electronic bank money ( net settlement ) cost & efficiency security & confidence coins 28. 03. 2019 money market event | andrea m. maechler and thomas moser | © swiss national bank central bank money real - time gross settlement source : snb rtgs digitalisation is changing the payments ecosystem client interface dlt business models new stakeholders technical possibilities payments infrastructure regulation source : snb cyber risks unbundling of value chains 28. 03. 2019 money market event | andrea m. maechler and thomas moser | © swiss national bank four challenges of the digital age client interface focus on client contact and client data value chain source : snb development of core infrastructure 28. 03. 2019 money market event | andrea m. maechler and thomas moser | © swiss national bank two models for integrating new stakeholders into the payments ecosystem model 2 : direct access model 1 : open access client client fintech fintech bank source :

. so, it is important to consider indicators beyond the headline unemployment rate when assessing progress toward maximum employment, as participation gains might come late in the recovery for some groups. 14 for these reasons, i see no reason employment should not reach levels as strong or stronger than before the pandemic. the number of unemployed in this alternative v / u ratio adjusts for the misclassification of some unemployed workers as employed but not at work ( as reported by the bureau of labor statistics ) and for diminished labor force participation induced by the pandemic ( as estimated by the federal reserve board staff ). see footnote 5. see tomaz cajner, john coglianese, and joshua montes ( 2021 ), “ the long - lived cyclicality of the labor force participation rate, ” finance and economics discussion series 2021 - 047 ( washington : board of governors of the federal reserve system, july ), https : / / doi. org / 10. 17016 / feds. 2021. 047. see also bart hobijn and aysegul sahin ( 2021 ), “ maximum employment and the participation cycle, ” prepared for the jackson hole economic policy symposium, “ macroeconomic policy in an uneven economy, ” august 27, https : / / www. kansascityfed. org / documents / 8361 / jh2021hobijnsahinkcfedversion. pdf. - 7next let ’ s consider price stability. inflation is currently elevated. this is creating challenges for consumers and businesses alike. but the high inflation readings from the spring and early summer were disproportionately driven by a few sectors experiencing specific supply bottlenecks. in may and june, new and used vehicle prices accounted for half of the outsized monthly increases in core consumer price index ( cpi ) inflation. these categories were lesser contributors in july, and in the august cpi their joint contribution declined to essentially zero, as prices finally began to retreat for used cars, offsetting increases in new car prices. i am closely monitoring incoming data for any indications that the breadth of inflation pressures is rising. twenty - four - month core personal consumption expenditures ( pce ) inflation provides one approach to smoothing through the distortions from the pandemic : it is estimated to have been 2. 5 percent in august, above the 2 percent target, but well below the 12 - month measure. the dallas trimmed mean inflation measure provides another indicator of the breadth of inflation pressures