can also feed into the way we perform our roles, and in particular our role as service provider. from the first - generation of the target system twenty years ago, the eurosystem has demonstrated a strong political will to foster innovation and support capital markets integration and development, through the provision of clearing and settlement services in central bank money for financial intermediaries. these services, namely t2 and t2s, have established themselves as the backbone of the financial market infrastructures for the euro. more recently, the eurosystem has developed its vision 2020 program comprising : tips, an instant payment solution, launched in november 2018 to settle instant payments ; the t2 - t2s consolidation to optimize and enhance liquidity management and cash and securities services planned for 2021 ; last but not least, the ecms ( european collateral management system ) planned to be launched in 2022, and designed to provide a unified platform for the management of standard monetary policy operations and the associated collateral. these are european successes and ambition. nevertheless, we have to address new challenges. in the recent years, there has been a strong demand for quick and safe cross - border payment solutions, available 24 / 7, enabling smooth exchanges. in europe, various domestic instant payment solutions have emerged in a certain number of countries, available 24 / 7, settling retail payment orders up to 15 000 euros in less than 15 seconds. however, cross - border payment solutions are still costly for end users, slow and unsafe across the world, in particular in emerging countries. regarding the wholesale infrastructures, they still present various shortcomings, as market infrastructures are not interoperable around the world. the correspondent banking model is often considered as the only solution to transfer money across borders, but it is also costly, and lacks traceability and efficiency. the perimeter of the aml / ctf and kyc checks is in some cases uncertain for the counterparties of a payment order. the tokenisation of financial assets combined with the recourse to blockchain - based solutions and more broadly distributed ledger technologies to store and transfer those assets could help answering market ’ s demands. at the same time, they could help remedy the current limits of the existing wholesale market infrastructures by exploring new avenues. the implementation of those innovations could have an important impact on the financial industry in particular to facilitate gross and simultaneous delivery - versus - payment processes, crosscurrency settlement, resilience, and recovery from operational incidents. the

capacity to implement common and consistent measures in order to restart operations after a cyber - attack ; page 3 sur 3 ( iii ) test dedicated crisis communication tools. 3 ) monitoring the degree of cyber security and the progress of cyber resilience programmes. irrespective of the nature of our organisation ( a central bank, a commercial bank, an insurance company, a fmi ), we have to not only deal with a large number of cyber security issues, but also to coordinate a large number of stakeholders ( boards, senior executives, chief information officers, chief risk officers, chief information security officers, etc., ). therefore it is of utmost importance, but at the same time difficult to obtain an overview of cyber security. all levels of management ( technical, operational and executive ) need to have appropriate information to monitor cyber resilience and cyber risks. above all, monitoring cyber security at the executive level ( “ tone at the top ” ) may prove to be challenging. of course, there is a broad range of different metrics and it is necessary to select a limited number of them. for instance, if i had to mention three of them, i would choose : ( i ) overseeing the development of awareness and training within the organisation ; ( ii ) monitoring patch management in order to make sure that identified flaws are corrected in due time ; ( iii ) and, last but not least, capturing the effectiveness of the identification and authentication processes. in a nutshell, key indicators help to improve the governance of the it security system. * * to conclude, i believe that it is necessary to better structure the international governance of cyber security in the financial sector : it is clear that the different regulatory and supervisory authorities are aware of “ cyber risks ”. this is becoming apparent through the numerous initiatives at various levels ( domestic, european, and international ). while this is welcome, it is both delicate but necessary to strengthen international cooperation in order to ensure that there are neither loopholes nor overlaps and that there is convergence towards proposals and solutions that can easily be shared with others.