could ultimately unbalance the world financial system. the recent experience in asia underscores the importance of financially sound domestic banking and other associated financial institutions. while the current turmoil has significant interaction with the international financial system, the recent crises would arguably have been better contained if long - maturity property loans had not accentuated the usual mismatch between maturities of assets and liabilities of domestic financial systems that were far from robust to begin with. our unlamented savings and loan crises come to mind. these are trying days for economic policymakers in asia. they must fend off domestic pressures that seek disengagement from the world trading and financial system. the authorities in these countries are working hard, in some cases with substantial assistance from the imf, the world bank, and the asian development bank, to stabilize their financial systems and economies. the financial disturbances that have afflicted a number of currencies in asia do not at this point, as i indicated earlier, threaten prosperity in this country, but we need to work closely with their leaders and the international financial community to assure that their situations stabilize. it is in the interest of the united states and other nations around the world to encourage appropriate policy adjustments, and where required, provide temporary financial assistance.

benoit cœure : “ towards retail payments 2. 0 : the new security challenges ” opening remarks by mr benoit cœure, member of the executive board of the european central bank, at the joint european central bank / bank of france conference “ towards retail payments 2. 0 : the new security challenges ”, paris, 22 october 2014. * * * ladies and gentlemen, dear conference participants, first of all, i would like to apologise for not being with you today in paris. you all know the common fraud security check based on the fact that one person cannot be in two places at the same time. unfortunately, i am no exception to this rule and so cannot be with you in person today, but i am pleased to be able to use this video message to share some of my thoughts on innovative payment methods and the challenges that they pose for central banks. to begin with, i would like to recap some of the history of secure pay and why it was created. back in 2011, the standardisation of sepa credit transfers and direct debits was well afoot, and cards had been migrated to the emv standard. however, we soon realised that the implementation of secure online payment methods was too slow, despite the fact that technical solutions were widely available. at the same time, we saw that internet fraud was increasing. the situation was particularly bad when it came to cards. our latest ecb card fraud report shows that 60 % of fraud involves so - called “ card - notpresent ” payments, mostly in the form of internet payments. moreover, we observed that market pressure tends to make people take a race - to - thebottom approach to security. payment service providers fear that their competitors will use less secure but more convenient and cheaper solutions, thereby compromising too much on payment security. with respect to fraud, i believe that this is only the tip of the iceberg. in order to safeguard their reputation, many market players may have a tendency to understate major attacks or a high incidence of fraud to which they may have been exposed. moreover, we have come to realise that self - regulation has not been very successful in improving internet payment security. we have to remember that it also took a very long to make point - of - sale payments secure. for a central bank, whose task it is to promote the safety and efficiency of payment systems, this was quite a worrying trend. and we were not the only ones to be concerned