infrastructures developed to process instant payments form the ideal basis for innovative payment solutions that meet the needs of today ’ s and tomorrow ’ s end users. let ’ s be clear : this is more than just a need for speed. european people and businesses are looking for payment solutions that fit seamlessly into their daily lives and business processes, from person - to - person payments to online marketplaces, and from micropayments to industry 4. 0. each of these payment solutions could be enhanced by an instant payment feature, but they also require additional services to create a smooth and secure payment experience. payment solutions can be integrated into or linked to mobile apps for ordering goods and services, thereby providing vendors with real - time confirmation of incoming payments. and instant payments can be integrated into business software and will undoubtedly pave the way for many other additional 1 / 3 bis central bankers'speeches services. this is where market players can provide added value and create new business opportunities. time to take action market players need to take action. payment service providers around europe need to start offering their customers instant payment services. and they need to do so quickly. experience from other markets, from photography to music to bookshops, shows that when disruption hits, established players can quickly lose their seemingly comfortable position and find themselves struggling to remain relevant. thanks to instant payments, the european payments industry can create a pan - european platform for innovation. but only if everyone in europe can pay each other instantly and the service is not restricted to the customers of certain banks or residents of particular countries. moreover, payment service providers should not erect any barriers to the uptake of instant payments, for example by only offering them through a limited number of channels or by charging prohibitively high fees. such strategies will only drive end users to other players. no one owns the customer. web and technology giants are already knocking at the door, eager to leverage their existing user base to quickly gain market share in payment services. to achieve economies of scale and benefit from the integrated european payments market, providers of instant payment services should also ensure that their services are truly paneuropean. their customers should be able to send and receive payments across europe, in line with the principles of the single euro payments area. ensuring this reachability is the responsibility of each individual payment service provider, but the eurosystem is also doing its part to facilitate pan - european reach. our new tips service is in an optimal position to do so : it has been designed

##th anniversary this year, its role and work remain absolutely critical in the current complex global environment. the fund's multilateral and bilateral surveillance function remains as important as ever in protecting member countries from crises, and the upcoming comprehensive surveillance review will help establish the most relevant priorities for years to come. we welcome the recent decisions to strengthen the imf's lending toolkit as part of the review of charges and the surcharges policy and the review of the poverty reduction and growth trust facilities and financing. we support the imf's position at the centre of the global financial safety net, with a strong core mandate, and we highly value its unique role in bridge - building and facilitating global cooperation to tackle common challenges. we welcome the fact that sub - saharan africa will shortly occupy the newly created seat on the imf's executive board, which will significantly contribute to improving the overall balance of regional representation. we continue to witness an increase in economic losses and financial risks stemming from extreme physical climate hazards, including record - breaking heatwaves in asia, devastating floods and wildfires in the americas and central and eastern europe, and more frequent tropical storms in the caribbean and south asia. adaptation measures to shield our lives and economies from the impact of climate change, alongside ambitious policies to put the climate transition on track, are more relevant than ever. we support international progress on transition planning, enabling corporations, financial institutions and governments to set up credible net - zero roadmaps in a systematic way. furthermore, it is essential to further develop more systematic and comprehensive approaches to assess the impact of escalating nature - related economic and financial risks on price and financial stability, including integrated climate and nature risk analyses. 4 / 4 bis - central bankers'speeches