opportunity should not go wasted. as the sense of urgency imposed by the crisis vanishes, the risk is that complacency slows down reforms, while the road that lies in front of us is still long. but the decision to complete the global reform agenda through enhanced international cooperation is entirely in our hands. this is why i believe that the kiel prize for the global economy is a reminder for us of the importance of globalisation and international cooperation. therefore, i want to conclude with warm congratulations to the winners of the prize. thank you for your attention. bis central bankers ’ speeches

must subsequently develop the rules and standards that are needed in order to establish technical interoperability for card payments. another important issue is cards standardisation, which is crucial to ensure the interoperability and harmonised use of cards across europe. in the area of standardisation, there is a clear separation of responsibilities. first, the european payments council ( epc ) is responsible for the strategic vision and business rules for cards. second, the cards stakeholders group is responsible for establishing functional, security and procedural requirements. third, various market initiatives have developed implementation standards and specifications for the various domains of card payments. this is very welcome ; however, work on the implementation of these specifications is lagging behind and should be accelerated. in the field of security certification for cards and terminals, a set of implementation specifications have been developed by the common approval scheme ( cas ). however, governance - related aspects of the sepa security certification framework are still under discussion. therefore, we urge the epc and cas members to swiftly agree on concrete proposals for a permanent governance structure with regard to security certification for cards and terminals. last, but not least, i would like to stress that, from a european perspective, it is of strategic importance to adopt a more coordinated approach to global standard - setting bodies, such as the iso and emvco. these requirements should lay the foundation for a competitive european cards market. however, i personally believe that the european cards market would also benefit from the power of choice. therefore, a duopoly in the european cards market is not the outcome that i would prefer to see for the sepa project, which brings me to new year ’ s resolution number three. new year ’ s resolution number three : let ’ s move forward with an additional european card scheme the eurosystem has been calling for an additional european card scheme for four years. therefore, we are closely monitoring the work of the three initiatives that have been launched. it is important to emphasise that we have not selected any “ favourite ” out of the three projects, but treat all three equally. all three face some of the same challenges : the main challenge is certainty as regards the potential business case. some clarity has been provided with regard to the sensitive issue of multilateral interchange fees ( mif ) thanks to the agreements reached by the eu commission with visa and mastercard. however, the market asks for more certainty and it may be that this must ultimately be provided in the form of a regulation. i would