principle of full cost recovery. it is anticipated that the price per transaction would not exceed 1 euro cent, with the aim of ultimately reaching a level of around 0. 5 euro cent. fourth, market participants would be able to connect to the service via a network service provider of their choice, as long as this network vendor meets the criteria that the eurosystem will establish. the eurosystem is committed to taking a decision in june 2017 on whether to develop the service. tips could commence operations in 2018. conclusion to conclude, we can look forward to 2017 being a year of decisive action for innovation in retail payments. the main deliverables at the consumer end of the payments chain are pan - european instant payment solutions and a service for ( person - to - person ) mobile payments using the mobile phone number as a proxy for the iban. in the payment service provider domain, a common set of technical, operational and business requirements for the development of an integrated market for payment initiation services is to be developed. in the market infrastructure domain, the eurosystem is committed to taking a timely decision on whether to build a settlement service for instant payments in euro in central bank money, leveraging the paneuropean nature of target2. 3 / 3 bis central bankers'speeches

philip lowe : opening statement to the house of representatives standing committee on economics opening statement by mr philip lowe, governor of the reserve bank of australia, to the house of representatives standing committee on economics, online, 6 august 2021. * * * good morning. thank you for arranging this hearing via videoconference. these hearings are an important part of the accountability process for the rba and my colleagues and i welcome this opportunity to explain our thinking and answer your questions. later this morning, the rba will be releasing our quarterly statement on monetary policy. i would like to highlight 5 key themes from this report. the first is that the australian economy has bounced back quicker and stronger than was earlier expected. the pre - pandemic level of gdp was regained in the march quarter, more than a year earlier than we had expected in august last year. but it is in the labour market where the recovery has been most remarkable. in june, the unemployment rate fell to 4. 9 per cent, which is lower than it was before the pandemic. there has been strong growth in jobs across most parts of the economy and job vacancies have been at record highs. and in stark contrast to the experience of most other advanced economies, labour force participation and the number of hours worked had both recovered to above pre - pandemic levels. these outcomes are testament to the effectiveness of the public policy response, including the early success on the health front and the ability of australians to adapt to changed circumstances. the economic policy response involved the public sector using its balance sheet to support the economy and keep people in jobs. fiscal and monetary policy worked together well and the response of australia ’ s financial institutions also helped. households and businesses also showed remarkable resilience and an ability to change how they do things. so, it is a positive story here. now to the second theme, which is that the recovery has been interrupted by outbreaks of the highly infectious delta strain of the coronavirus, especially in new south wales. the outbreaks mean that gdp is likely to decline in the september quarter. how large the decline will be depends on the duration of the lockdowns and whether there are further material outbreaks elsewhere in australia in the weeks ahead. as a rough rule of thumb, household consumption in areas that are locked down is typically around 15 per cent lower than it would be otherwise. in addition, the lockdowns have directly affected construction activity in nsw and delayed some investment plans. some increase