and access. the bank of england is an active advocate of this work : helping to develop the building blocks and actions ; contributing to several workstreams ; monitoring progress including through the fsb cross - border delivery group which i chair ; and very importantly making changes to our rtgs. conclusion working together to realise the benefits of the three key phases of rtgs renewal benefits will lead to a step change in payments. it can catalyse innovation and promote resilience for financial institutions, which would ultimately make domestic and crossborder payments faster, cheaper and safer for customers. but we need your help to achieve that. in the short term, we need to focus collectively on transitioning to the new core settlement engine next summer. and we want your inputs in : shaping the future rtgs roadmap and cross - border payments work ; assessing business cases for innovative rtgs features ; responding to our upcoming consultations on rtgs operating hours and rtgs access, and considering further use cases for iso 20022. to quote sir winston churchill, whose image on the £5 note maybe in the change in your wallet, " to improve is to change : to be perfect is to change often ". our vision is to change often, and to do so in partnership with industry. i would like to thank dovile naktinyte, karin oldham, elizabeth leather, james southgate, and mark streather for their help in preparing these remarks. 4 / 5 bis - central bankers'speeches 1 uk finance are hosting a digital innovation summit in october 2023. ahead of the summit, uk finance will be running an'ideathon': a hackathon of ideas where industry teams will be invited to develop ideas on how the implementation of iso 20022 could provide tangible benefits to their customers when they make and receive payments. the winner will be announced in october at the summit. 2 as part of our work to enhance the liquidity saving mechanism in chaps, we have finalised a new set of matching algorithms for implementation in the renewed rtgs service. the enhanced matching algorithms will more efficiently match incoming and outgoing chaps payments – this will ultimately reduce the value of intraday liquidity required to settle payment obligations in chaps. 3 targets for addressing the four challenges of cross - border payments : final report - financial stability board ( fsb. org ) opens in a new window 5 / 5 bis - central bankers'speeches

in or out were we to see faster progress towards greater labour market flexibility elsewhere in europe. it may be argued that emu itself will act as a stimulus to reforms needed in fiscal policy, and in labour markets ; indeed that the prospect of emu is already doing so. we cautious, pragmatic, non - visionary people that we are - would like to see the needed reforms implemented first. these preparations, both in the financial and the real economies, are the preparations which prospective ‘ ins ’ need to make, in particular. but there are of course preparations in financial markets which apply to everyone. we are in no doubt that the introduction of the euro in 1999, if the current timetable is maintained, will have profound consequences for financial markets, initially for wholesale markets, and later for the retail financial sector too. it is incumbent on all central banks to seek to ensure that the financial markets in which they sit are as well prepared as they can be for this momentous change. we must also ensure that the central banks themselves are well prepared. at the bank of england we now have a steering group, which i chair, focused on preparing the bank itself. we have made a clear decision that the bank will be ready for uk membership of emu in january 1999, if a future government decides that that is the right course for the country. but our more important work in the short term is focused on preparing the city of london and on preparing the financial infrastructure which the city will need to maintain its position as the most innovative and dynamic financial market in europe. i should emphasise that we see the city as a financial market for the whole of europe, not just for the united kingdom. that explains why we are always ready to welcome overseas financial institutions to london, why we rigorously avoid discrimination on grounds of nationality in our financial market dealings, and why we have greatly welcomed the decisions by german, french and swiss banks in particular to concentrate many of their wholesale market activities in london in recent years. europe needs a broad and deep market like london to rival those in tokyo and new york. i would not wish, today, to talk at length about the preparations being made in the city for emu. partly because this afternoon, in london, we shall be releasing our latest quarterly report on practical issues arising from the introduction of the euro, which sets out in some detail the progress that has been made over the last three months, and how we propose to take things forward. in short, we