’ ve had to look under the bonnet and find out how all parts of the engine work. but let me add that the challenges for the next eight years could be substantially different, and could be even more daunting. what do you think the key challenges are going to be for the next president? let me outline four main challenges. first, global cooperation is eroding. the capacity of global policymakers to deal with shocks to the global economy is today less than it was previously. the kind of coordinated action that we saw back in 2008 would be more difficult to achieve today. i ’ m not saying it would be impossible, but it would be more difficult. second, the eurozone ’ s structural weaknesses, its lingering fragilities, are not going to go away soon. i ’ m not dismissing all the good work being done in brussels and other places to strengthen the european stability mechanism and to complete banking union, which is something that we didn ’ t have eight years ago, and that ’ s clear progress. but we ’ re still only half way. and as long as this journey is not completed, new crises will inevitably come, and we have to stand ready to ride out those crises. third, as the ecb, we do have instruments, and we ’ ve shown that we ’ re ready to use them and even design new ones while staying within our mandate. but the cost of using any given instrument might be increasing, which makes the trade - offs more acute. let me give an example. rates being low for long may eventually create financial stability risks. so far, they ’ ve been limited, scattered around the continent, around sectors, around jurisdictions, and they could be addressed using targeted macroprudential instruments. but most of these macroprudential instruments are about addressing risk in the housing sector ; there is little they can do today about risks in the corporate sector, or in shadow banking. and finally, there are mounting challenges to our independence. the world today is different from the one we faced in 2011 or 2012. there is widespread mistrust of experts, and what are central bankers if not experts? european politics is much more fragmented, both within countries and at the european level, than it was eight years ago, and that has been evidenced by the latest european election. the temptation to either overburden central banks with a variety of objectives which politicians cannot achieve, or blame them for political failures, will be greater, and that ’

scams has exposed consumers to increasingly sophisticated fraud schemes that can be difficult to detect and prevent. this is why individual firms must be proactive, ensuring they incorporate security by design when developing new payment solutions. innovation is required to keep pace with criminal elements seeking to disrupt the payments ecosystem, thereby undermining public trust in the broader financial system. the fight against fraud is not limited to any individual firm - the entire ecosystem, including both financial and non - financial stakeholders, must work together to meet the challenge of evolving fraud techniques and typologies. this is why – at the central bank - we have been engaging with a number of large tech firms since the start of the year, including google, encouraging them to do more to ensure they are not facilitating consumer harm. i am pleased that progress has been made in this regard and welcome google's announcement last week that they will introduce a verification process for financial services advertisers. an effective financial services verification policy is a key disruptive tool in the fight against online financial scams. for that reason, in particular, i want to welcome the establishment of the anti - fraud forum under the strategy. this forum will seek to enhance the formal cooperation between the financial sector, telecoms, and social media companies, whose networks and platforms are often utilised to propagate fraudulent activity. let me conclude. as minister chambers outlined, the overarching objective of the national payments strategy is to build and enhance public trust in the payment system, by ensuring that it works in the best interests of all consumers and businesses. ultimately, the success of the national payments strategy will be largely determined by the organisations in attendance today, and the degree to which we all engage in and support this multi - year programme of work. the department of finance has set out the roadmap for the future of the irish payments ecosystem, and it is now up to us, as a collective, to put our words into action. i would like to thank you all again for attending the event today. we have arranged a small reception which i hope some of you will be able to stay to attend. 2 / 3 bis - central bankers'speeches thank you. 3 / 3 bis - central bankers'speeches