the world. 2 / 8 bis central bankers'speeches the first one is psd2, and its related concept of open banking. in the eu, the revised payment services directive ( psd2 ) is an important regulatory framework to clarify payment legislation and make it better suited to a digitalising economy. the directive aims at promoting competition, which will lead to better services and lower prices for consumers. it will open the payments market to third - party providers, and banks will be obliged to provide technical interfaces for accessing bank accounts. for some ears, this may sound daring – but the industry is currently working together with supervisors to make this as safe and secure as possible. psd2 is very much part of the broader trend of open banking. banks all around the world are partnering with start - ups, and financial services are being rebuilt using the latest technology. in practice, it means that the customer experience can be provided by some party other than the bank itself, while the bank is providing the plumbing in the background. 3 / 8 bis central bankers'speeches the second development i would like to highlight is the instant payments system tips, which will be launched by the european central bank this month. tips will enable account - to - account transfers from one bank to another, in real - time, 24 / 7, every day of the year. why do i specifically want to highlight these two developments? because when they work together, in synergy, they will have an impact which is greater than either would have on its own. whereas psd2 will help create a better payment experience for consumers, tips will make sure the money moves instantly. this will make the digital payments as close to cash as possible. 4 / 8 bis central bankers'speeches the second major force is the continuing work to make banks more resilient. this is particularly important as we are also moving towards a normal monetary policy environment, although normalisation does not mean returning to a pre - 2008 world. instead, we are moving towards a new equilibrium. since some global imbalances and vulnerabilities remain, the european economy continues to need a degree of monetary policy support. this is a balancing act, since we must ensure the sustainable convergence of inflation to our definition of price stability, while simultaneously protecting the on - going recovery of employment and the repairing of balance sheets. an important lesson from the financial crisis is that the financial industry, including banks and other financial institutions, are special and have a huge impact on

. efficiency in producing outputs is vital for maintaining high quality public services, but we must never lose sight of the fact that the ultimate policy objectives are defined in terms of outcomes. in short, we need to do right things and we must do them well. ladies and gentlemen, the euro has been a success to an extent few would have predicted ten years ago. signs are good that this success will continue – that the euro will continue to underpin price stability and to promote economic and financial integration in the euro area and beyond. but to be able to do that, the euro relies on strong political and public support. population ageing will present a challenge for that. if the euro area fails to prepare for ageing appropriately, its economy will suffer, and eventually pressures will mount on monetary policy : monetary policy will be asked to do something it cannot do. and then continuing the success story would become much more difficult. that is why it is so important for us to keep up the momentum in building a public sector that can weather the pressures of population ageing. it ’ s a long journey, so we have to keep moving. thank you.