new service is scheduled to go live in november 2021. cross - border interoperability is just one area where progress can be made. extending access to our rtgs system to regulated non - bank payment service providers is another avenue that promises to make our current systems fit for the future. fintechs are challenging the traditional way payments are made. some of them offer valuable and safe services to customers. wider access by these new non - bank payment service providers to central bank payment systems can spur further digital innovation and enhance financial stability by increasing the amount of final settlements conducted in risk - free central bank money. and it would once more reduce the appeal of crypto assets that, if not adequately regulated, may endanger financial stability should they become more widely used over time. so, overall, there are good reasons to continue to work on improving our current market infrastructures. by embracing innovation and modern technologies, and by promoting inclusion and common standards, i am confident that we will be able to meet the growing expectations that consumers and stakeholders have of the evolving role of today ’ s payment systems. enhancing cyber resilience one of these expectations also relates to safety. as we are extending operating hours, allowing for more access and increasing interoperability, there will be larger “ attack surface ” in the system. the most efficient and fastest systems are useless if they are not bulletproof, if they can be hacked easily or if they expose consumers to disproportionate risks. this brings me to the third point i mentioned at the beginning of my remarks – the need to make our current systems safer against the rising number of cyberattacks. cyber incidents are becoming much more frequent and increasingly sophisticated – to the point that they now pose a critical threat to market infrastructures and the entire financial ecosystem. this is why the modernisation of our systems must go hand - in - hand with increasing their cyber resilience. failure to adequately protect against cyberattacks may have far - reaching repercussions. take wholesale payment systems as an example. a breakdown of these systems, even if only temporarily, would threaten financial stability, endanger the provision of liquidity by central banks and jeopardise the implementation of monetary policy. this is also why g7 finance ministers and central bank governors recently took part in a simulation of the day after a major cyber incident in the financial sector. this exercise showed that a major cyber incident would require an internationally coordinated response, and highlighted areas where the

policies that promote economic flexibility are important in all circumstances. we all need to take steps to improve the flexibility of our labour markets and, in particular, to make sure that older workers who want to remain in the workforce are not discouraged from doing so. we also need to recognize that well - functioning credit markets are extremely important, so that households can borrow against future income, and businesses are able to make investments for the future. the improvement of labour and financial market policies is particularly important in europe. in emerging asia, improving income - security policies is essential in order to reduce the need for households to build up large amounts of precautionary savings. as well, stronger, more efficient domestic financial systems could go a long way towards raising confidence and promoting increased spending. by effectively pooling resources, stronger financial institutions and markets in asia would help individuals become less risk - averse. households would be more readily able to borrow against future income, and businesses would have more appropriate access to credit in order to finance investments. in closing, let me stress a few key points. i'm not saying that a disorderly correction to global imbalances is certain to happen. nor am i saying that the global economy is inevitably headed for a deflationary shortfall in demand. what i am saying is that, as prudent policy - makers, we must not rely on good fortune to help us muddle through. we need to get going on these policy issues now, before it is too late to take remedial action. in particular, we need to make sure that our structural policies encourage maximum economic flexibility and that they do not impede investment and growth. we need to make sure that we will have the fiscal flexibility to handle the demographic challenges of the future. and we must continue to conduct monetary policy with the aim of keeping inflation low, stable, and predictable, to maximize the chances that our economies will operate at full capacity. we must act now to meet the challenges of today, and of the future, for the benefit of all our citizens. 3 / 3