speed are needed to achieve this goal. this is fundamental for the further development of european payment markets. the work won ’ t be done by the end of the german presidency, but needs to be continued. we all should keep going and deliver. 2021 will be a decisive year for the future of european payments! but for now, let me close by thanking you all for your attention. my special thanks are reserved for the speakers. and an extra - large virtual round of applause goes out to our host, valerie haller, for her inspirational and professional moderation of today ’ s conference. 1 eurosystem retail payments www. ecb. europa. eu / press / key / date / 2019 / html / ecb. sp191126 ~ 5230672c11. en. html strategy : 2 communication from the commission to the european parliament, the council, the european economic and social committee and the committee of the regions on a retail payments strategy for the eu com / 2020 / 592 final, brussels, 24 september 2020. 3 / 3 bis central bankers'speeches

burkhard balz : future of payments in europe closing remarks by mr burkhard balz, member of the executive board of the deutsche bundesbank, at the virtual conference “ future of payments in europe ”, 27 november 2020. * * * ladies and gentlemen, today we have spoken about innovative ideas, ongoing fragmentation and the power of platforms in european payment markets. we have discussed how an efficient, viable and competitive payments ecosystem can be forged – one that allows europeans to pay conveniently, seamlessly and safely in any situation, anywhere in the continent. the spotlight here is on instant payments. albert einstein is once thought to have said : “ you can ’ t solve problems with the same thinking that created them ”. so we should examine the alternatives as well. but, whether and how a central bank - issued digital euro is one such alternative is something we are about to find out. what ’ s at stake? the world of payments is increasingly being shaped by digital technologies. easy - to - use and fast - to - implement digital payment methods can simplify our day - to - day lives. embedded in a banking services ecosystem, they can help consumers handle their financial affairs more efficiently. new business ideas will prosper and economic transactions can be conducted more seamlessly if supported by the right payment set - up as part of digitalized processes across interconnected organisations. value - added services for example can facilitate the management of cash flows for consumers and businesses. however, system flaws, cyber - attacks or data breaches may threaten the new prosperity. therefore, it, data and cyber - security deserve a lot more attention. fintech players – such as those invited today – have introduced a whole host of fresh concepts to the market. some of these have been taken up by more traditional providers to rejuvenate their own range of services. nevertheless, a legacy of established processes and it systems may hold incumbents back from rapidly adapting to evolving market needs. cooperation could be the key to choosing the best of both worlds. what we need is in the end an open, resilient and competitive ecosystems combining the strengths of all actors. consumers value comprehensive applications, as examples from the nordics show. just take a look at vipps in norway, swish in sweden or mobilepay in denmark. yet these solutions are confined to national markets. none of the many payment applications available in europe are big enough in terms of reach and user numbers to compete on an equal footing with