brad jones : panel participation at the regulators 2024 speech by mr brad jones, assistant governor ( financial system ) of the reserve bank of australia, at the regulators 2024 " navigating trans - tasman financial challenges ", organised by finsia ( financial services institute of australasia ), sydney, 8 november 2024. * * * good afternoon, and thank you to finsia for the opportunity to discuss some of the rba's regulatory and supervisory priorities in our payments policy and financial stability work. australia has a payments system that we can be proud of. by global standards, it is fast, efficient and reliable. at the same time, the australian payments landscape is rapidly evolving, and there is always room for improvement. alongside opportunities for new business models and technologies to emerge, there are also some challenges for the system. regulators are leaning into these challenges and industry will need to as well. the payments system board is focused on fostering competition and innovation in a regulatory environment that promotes the ongoing safety and security of the australian payments system. in overseeing the activities of clearing and settlement facilities with our colleagues at asic, rba staff and the payments system board ( psb ) are equally focused on ensuring that these critical operations are run in a way that supports the stability of the australian financial system. with this in mind, let me share with you the psb's five strategic priorities that were set out in the recently released annual report. 1 priority # 1 : promoting the safety and resilience of payments and market infrastructures australians increasingly depend on the availability of electronic payment systems, and our financial system is reliant on the smooth functioning of market infrastructures. the orderly migration of bulk electronic clearing service ( becs ) payments to more modern payment rails, such as the new payments platform ( npp ), is of critical importance, recognising that becs has been australia's primary system for account - toaccount payments for over 30 years ( facilitating most salary, welfare and pension payments ). the industry target date of 2030 is ambitious and will require a concerted and coordinated effort by industry to meet. this effort must include close engagement with a wide range of stakeholders. in the meantime, the rba is conducting a risk assessment to identify and understand how the transition risks are being managed. beyond becs, and in light of the worsening cyber and geopolitical risk environment, the operational resilience of australia's payment

jurgen stark : monetary, fiscal and financial stability in europe speech by mr jurgen stark, member of the executive board of the european central bank, at the 11th euro finance week, frankfurt am main, 18 november 2008. * 1. * * introduction “ error repeats itself endlessly in deeds. therefore, we must repeat the truth tirelessly in words ” ( johann wolfgang von goethe ) ladies and gentlemen, i would like to thank the organisers for having invited me here today to share with you my thoughts on the prerequisites for economic, financial and price stability in europe. we are all aware that these are the most challenging times since the introduction of the euro nearly ten years ago. the financial crisis, which originated in the united states, has now spread across the globe. in so doing, it has greatly affected the outlook for short - term economic growth in europe and elsewhere. moreover, the need to address past macroeconomic imbalances has clouded the medium - term outlook for potential output growth not only for the united states but also for a number of european countries. persistently high current account deficits and excessive increases in house prices have not been limited to the united states but have also been characteristic in some euro area and many non - euro area eu countries. these imbalances will need to be corrected, suggesting that a period of slower economic growth may lie ahead. the correction of macroeconomic imbalances will be orderly if, and only if, macroeconomic policy - makers retain a medium - term to long - term focus. in particular, the prevention of future crises needs to receive at least as much attention as short - term crisis management. in addition, all monetary and fiscal policies need to remain committed to their respective medium - term objectives, i. e. price stability and sound public finances. this was, is and will remain the best contribution monetary and fiscal policies can make for financial stability. however, although sound macroeconomic policies are only a necessary condition for a functioning market economy and for economic and financial stability, they are clearly not a sufficient condition. this insight is hardly new but seems to have been forgotten to some extent over time. it was most clearly expressed in walter eucken ’ s famous book principles of economic policy ( grundsatze der wirtschaftspolitik ), which laid the intellectual foundation of germany ’ s economic model after the second world war. this book has been a constant source of inspiration throughout my career. eucken ’ s main insight