tensions as may emerge within the eurozone - with or without the uk - is likely to be easier in a context of structural, supply - side, flexibility and adaptability in labour and product markets. now, many people in the eurozone acknowledge these concerns. but they are inclined to argue that if a country participating in the monetary union were to find itself in an unsustainable situation, and given that it would have no macro - economic way out - through exchange rate adjustment, or independent monetary policy action, or fiscal stimulus beyond the limits of the growth and stability pact - and given limited labour migration or fiscal redistribution at the pan - european level - then it would have an overwhelming incentive to undertake the supply - side reforms which have proved so difficult to introduce up until now. one of my ecb colleagues in fact once put it to me that - “ when we have closed off every other policy option, we will finally be forced to do the things we know that we should have been doing all along! ” there are those, i know, who find our hesitation about the euro - in an economic context - hard to understand. that ’ s true particularly of those who have been in effective de facto monetary union with the deutsche mark for a long time already. but it is not just stubbornness or obstinacy on our part though we british can of course be pretty stubborn at times. in the macro - economic context it reflects a real debate about the risks and potential costs of divergence between our own monetary policy needs and those of the members of the eurozone - which in turn depend upon the extent to which our economies really have achieved sustainable convergence, and the extent to which we are able to respond flexibly on the supply side to economic shocks or tensions between our domestic monetary policy needs and those of our european partners. as you know, the chancellor of the exchequer announced some three years ago that we would not join the euro in the first wave. he made it clear that the present british government is not opposed to euro membership as a matter of principle. it will make a decision on pragmatic grounds, based upon five economic tests. these are : whether the uk economy has achieved sustainable convergence with the economies of the single currency ; whether there is sufficient flexibility in the uk economy to adapt to change and other unexpected economic events ; whether joining the single currency would create better conditions for businesses to make long - term decisions to invest in the uk ; the impact membership would have on the uk

genuine choice in how, when and where they make payments : they want a new finance. 5 back in the 17th century, the amsterdam stock exchange would have been relying on exchanging coins and printed stocks and bonds. the world of payments has grown significantly – banknotes, cheques, credit / debit cards, and now a plethora of mobile payments, e - wallets and even the ability to pay using a watch. while the wave of new fintech providers has greatly increased this choice, for many cash remains the preferred or sole means to pay ( 17 % of the uk population are unsure how they would cope, or would not cope at all in a cashless society ). 6 facilitating access to cash, maintaining confidence in the currency and ensuring that people have http : / / www. worldsfirststockexchange. com / the - worlds - first - stock - exchange. html https : / / www. bankofengland. co. uk / - / media / boe / files / speech / 2019 / investing - in - ethnicity - and - race - speech - by - mark - carney. pdf https : / / www. mckinsey. com / business - functions / organization / our - insights / why - diversity - matters http : / / media - publications. bcg. com / 22feb2017 - mix - that - matters. pdf https : / / www. bankofengland. co. uk / - / media / boe / files / speech / 2019 / a - platform - for - innovation - remarks - by - markcarney. pdf? la = en & hash = 49fe92075b4c7dbb0c7e0975cdf38488bb0a02fb https : / / www. accesstocash. org. uk / media / 1087 / final - report - final - web. pdf all speeches are available online at www. bankofengland. co. uk / news / speeches a diverse range of safe and efficient payment methods to choose from, are strategically important for the bank. a diverse set of firms providing a diverse set of payment options is also important for financial stability and the operational resilience of the industry. this gives the public confidence when making and receiving payments. the bank plays a role in this resilience through the safe functioning of our own payment operations such as banknote issuance and the real -