to relocate your business in the eu. i am convinced that, in the years to come, an even closer network of european capital marketplaces – maybe with the centre of gravity in frankfurt – will provide added value to global financial markets. all capital marketplaces together linked by a strong single currency, a balanced european legal framework and a profitable and resilient financial industry in a capital markets union will be of increased global relevance. let me share another thought with you : the british referendum – and the refugee crisis – were a wake - up call to work harder on convincing ideas for the future design of the european union and for the division of labour between the european union and its member states. recent developments have made it very clear to everyone that we need to put more effort into creating a realistic vision for europe that its citizens will support. discussions on the future set - up of intra - european relationships and the relationships with our partners abroad have been gaining momentum recently. this debate will help to improve the architecture of europe. people currently appear to be rediscovering the advantages of close political ties and of an integrated economic area with a common currency. if the member states work in concert, the european union can act as a major economic player and will be in a better position to influence further globalisation. today, there appears to be no majority for deeper european integration. there is a belief, however, that we should consolidate our achievements and improve the finer points. it is necessary to reflect on how we benefit from europe, the european union and the euro. for many eu citizens, the 60th anniversary of the european union as a peace project was a chance to express their support for a democratic european union. for the first time in years, we are now seeing demonstrations in favour of the european union and not against the “ bureaucracy in brussels ". frankfurt marks the epicentre of a movement called the pulse of europe, as part of which citizens are gathering on a weekly basis and expressing their belief in the fundamental idea of the european union and its ability to be reformed. this movement is intended as a countermovement to the negative and destructive voices that are often heard in public. the pulse of europe has spread to other german and european cities. 4 / 5 bis central bankers'speeches during my years in the european parliament, i learned that europe has never been an easy issue. quite the contrary, it is a complicated and demanding project. but i am convinced that it is a project worth fighting for

speed are needed to achieve this goal. this is fundamental for the further development of european payment markets. the work won ’ t be done by the end of the german presidency, but needs to be continued. we all should keep going and deliver. 2021 will be a decisive year for the future of european payments! but for now, let me close by thanking you all for your attention. my special thanks are reserved for the speakers. and an extra - large virtual round of applause goes out to our host, valerie haller, for her inspirational and professional moderation of today ’ s conference. 1 eurosystem retail payments www. ecb. europa. eu / press / key / date / 2019 / html / ecb. sp191126 ~ 5230672c11. en. html strategy : 2 communication from the commission to the european parliament, the council, the european economic and social committee and the committee of the regions on a retail payments strategy for the eu com / 2020 / 592 final, brussels, 24 september 2020. 3 / 3 bis central bankers'speeches