public and private investments. this all calls for investments in global public goods to be increasingly managed at the eu level. two open questions remain. how do we solve the triffin dilemma and what role will europe play in the global financial safety net ( gfsn )? a more international page 6 sur 7 euro will provide increased options to store global liquidity, but the goal will obviously not be to turn the euro into a dominant currency. on the contrary, we would aim for reliance on multiple currencies to offer stability to the international financial system through diversification of risks. regarding the global safety net, the euro area generated a quantum jump for the regional layer of the gfsn in creating the european stability mechanism ( esm ). in addition, the euro area countries were instrumental for the strengthening of the imf resources and the sdr allocation and rechannelling. the weight of the euro in the sdr basket should increase in the future in proportion of the increase of its international use. finally, the eurosystem is already providing international liquidity through existing swap lines and repo facilities with other central banks, and stands ready to do more if and when warranted. 2. invoicing international trade with the eu ranking as the world largest trading block, the euro has ample margin to improve as an international trade invoicing currencyvi. the choice of invoice currency is a complex and largely private phenomenonvii, partly driven by the structure of global value chains, which are being reshuffled. developing as an invoicing currency, for instance in energy markets or in the context of free trade agreements, would be important steps to gain a global role. viii indeed, it would create the need to store euros for future trades, and consequently lead to the development of a full range of euro - based financial tools. 3. safeguarding cross - border payments by technological advances in international financial infrastructures the euro area should remain on the frontier for cross - border payments, including the g20 agenda adopted in october 2021. the g20 roadmap for 2027 has indeed committed to bring profound improvements in this area including in setting ambitious targets on costs, speed, and accessibility of cross - border payments. but the challenge for all the stakeholders, central banks, regulators as well as the private sector, is to deliver and ultimately meet the expectations page 7 sur 7 of end - users. this remains a strategic priority for the banque de france, which in parallel

frank elderson : 2014 pin agreement – incentive for socially efficient and innovative payments speech by mr frank elderson, executive director of the netherlands bank, on the occasion of the signing of further agreement ii ( “ the pin agreement 2014 ” ), the hague, ministry of finance, 3 september 2014. * * * your excellency, ladies and gentlemen, pin agreement 2014 crowning glory of cooperation of market parties as chairman of the national forum on the payment system, i am very pleased about the further agreement ii that was signed just now. this agreement, also known as the pin agreement, is an up - to - date adaptation of the objectives stated in the original covenant dating back to 2005. that meaningful covenant at the time paved the way for banks and joint retailers to encourage consumers to use their debit cards in order to reduce the social costs of the payment system. because, as we all know, cash is expensive. that said, i would like to stress here that banknotes and coins will continue to play an essential role in payment transfers, and will therefore continue to be at everyone ’ s disposal. the 2005 covenant cleared the air between the market participants. this was urgently required following the heated debate about the social costs and revenues of payments, and the question where these end up. the mutual understanding that cooperation and trust pays off was at the root of a series of measures to promote debit card use. and not without results. the sectors not keeping pace with the introduction of payment terminals have since also started using them, and smaller amounts can now be paid by debit card virtually everywhere. yet more debit card payments and today the era of the 2014 pin agreement has started. one billion extra debit card payments should definitely be feasible by 2018. this would bring the total to 3. 7 billion, and would surpass the number of cash payments at the till. the foundation for the promotion of efficient payments has proved that it is very capable of producing tangible plans to achieve this. progress in minimising disturbances in payments systems but users of course think that electronic payment systems should always work. that is a bit much to ask as it is simply inherently unachievable. for that matter, the market participants represented in the national forum on the payment system have made great efforts to further increase the robustness and safety of payments transfers, partly in response to last year ’ s repeated disturbances of payment systems. for instance, almost the entire pin chain has a fall - back facility. bis