, sharing insights and feeding into consultations and dialogue. to meet the fsb targets there is also a practical role for the industry to respond to the building block actions and reports, with some requiring direct action. this might include : ( i ) investing in new technologies, ( ii ) preparing for changing operational procedures and ( iii ) adapting business models. the role of public authorities and there is a crucial role for the wider public authorities. central banks changing systems and policies and industry investing in changing operational procedures are just two pieces of the puzzle. there are also important regulatory, legislative and other barriers that overcome on a national and international level. for example, finance ministries will need to prepare legislative change to deliver the benefits of the roadmap ( e. g. on aml / cft standards, data frameworks and settlement finality protections ). and international standard setting bodies will need to ensure that these standards are aligned on a global level. the financial system is global, with many of the most important issues requiring the involvement of international public authorities. the fsb, cpmi, the bis innovation hubs, and a range of other standard setting bodies will have a continued important role to play to reach the quantitative targets for cost, speed, access and transparency of cross - border payments. they will need to enable best practice sharing between different jurisdictions, monitor the progress achieved on the roadmap and set out clearly what industry needs to do, and to explore what structures could achieve real change. the imf and world bank could also help by encouraging involvement and collaboration of non - cpmi countries and offering technical assistance. conclusion i want to leave you with three key messages today : enhancing cross - border payments is crucial to the global economy ; tangible progress is already being made ; and to really change the dial we need work collaboratively. and “ we ” means the three groups of stakeholders - central banks, industry and public authorities – working towards a common vision. the one difference to the trireme is that there may be different starting points reflecting the nature of individual jurisdictions. i look forward to continuing to work with you all on this important mission to enhance cross - border payments : collaboration will be the key to our success. i would like to thank paul bedford, michaela costello, sophie dalzell, john jackson, anna koch and karin oldham for their help in preparing these remarks. 1. cross - border payments outlook 2022 : trends, challenges, and opportunities 2. trading economics : remit

remarkably – the uk is no more productive than it was back in 2005 – before jake bugg got his first guitar. the critical questions are how much and how quickly productivity improves. the mpc ’ s central view is that productivity growth is likely to pick up only slowly in the early phase of recovery, but that there is potential for growth to accelerate as the recovery takes hold. the slow pickup in productivity means unemployment could initially fall quite rapidly, but fall short of 7 %. over the next three years productivity is expected to grow at around 1. 8 % per year, below its pre - crisis trend3 of 2. 2 %. while even that modest productivity recovery is not assured, it is hardly an aggressive forecast. it implies that productivity reaches its 2008 level only in 2015. and it means that productivity doesn ’ t catch up any of its current 15 % shortfall relative to its pre - crisis trend. were any productivity catch - up to happen, unemployment could take even longer than three years to reach the threshold. a rebound in productivity, if accompanied by higher output growth, would be no bad thing. it would boost the incomes of those in employment and is an essential part of improving the uk ’ s competitiveness. moreover, in such a scenario, you would know to expect interest rates to stay lower for longer, encouraging household spending and business investment. our forward guidance is a stabiliser – securing the scale and duration of recovery that is needed to bring unemployment down. the prospect that interest rates might stay at their low level for longer will not be welcome for savers. i have tremendous sympathy for them – after all they have done the right thing, set money aside, and now they are earning returns that are substantially below what they would have expected. but raising interest rates now is not the answer – instead what savers need is a stronger economy. that will mean higher asset prices, and will allow interest rates to return to normal levels in a sustainable way. a strong economy is in all of our interests, as it will deliver better job prospects for our friends, neighbours, children and grandchildren. the last thing savers want is for the uk to follow japan by raising interest rates before recovery is secured, only to find that we are condemned to decades more of low interest rates and lost opportunities. our forward guidance is about setting the path of inflation to return to target let me reassure you that our mandate to deliver price stability has not changed. our inflation target of 2 % was rec