, where credit risks are often passed from the originators of bank loans to a wide range of investors, instead of remaining on the books of the originating banks. indeed, the basel ii framework was conceived to support banks in the implementation of advanced risk management standards with the overall aim of improving the stability and soundness of the financial system in all the economies around the world. within the european union, we have gathered extensive experience with the implementation of basel ii which we are happy to share. as part of this cooperation programme, experts on banking supervision from the eurosystem will travel to moscow and support the bank of russia ’ s internal work on implementing basel ii. with regard to the internal audit component of the cooperation programme, the eurosystem will offer its expertise and advice on risk - based internal audit methods and best practices. the objective of this cooperation with the bank of russia is to enhance the capacity of the chief auditor ’ s service to carry out risk - based internal audits. in today ’ s world, central banks also need modern and sophisticated internal audit procedures. risk - based internal audits provide, on the basis of a risk analysis, assurance on the proper functioning of central bank activities, especially on those aspects where the risks are highest, rather than performing a less differentiated, simple compliance audit. such a risk - based approach represents, in our view, the appropriate response to the challenges faced by the internal audit services and we are pleased to share our experience in this field. during this part of the project, eurosystem experts will train about 350 bank of russia experts on internal audit. in the implementation of this cooperation programme, we will employ a coordinated “ eurosystem approach ” which involves the ecb and a number of national central banks of the euro area. this formula, which was conceived for the first eurosystem cooperation programme with the bank of russia on banking supervision, was successfully implemented between 2003 and 2005. over the coming 33 months, the ecb and the national central banks that i mentioned earlier will be working closely with the bank of russia on the programme. the project will be coordinated by a team consisting of ms gulsana barpiyeva, from the deutsche bundesbank, who will be the eurosystem project coordinator in moscow, mr christian fehlker, the eurosystem team leader for banking supervision, and mr lukasz kubicki, the eurosystem team leader for internal audit. the project will be managed by an ecb team

01 / 12 / 2020 shaping the future – challenges in the european payments market | deutsche bundesbank shaping the future – challenges in the european payments market speech at the virtual conference “ future of payments in europe ” 27. 11. 2020 | virtual event | jens weidmann 1 introduction 2 opportunities and risks of retail cbdcs 2. 1 potential beneﬁts 2. 2 curbing the risks 3 other innovative payment solutions 3. 1 instant payments 3. 2 cross - border payments 3. 3 token - based solutions 4 concluding remarks 1 introduction ladies and gentlemen, it is my pleasure to welcome you all to our virtual conference on the “ future of payments in europe ”. more and more, the topic has moved towards the top of the agenda of policymakers, central bankers and private market participants alike. and seeing all the esteemed speakers and participants, i am sure this conference will make a valuable contribution to this debate. so what does the future hold in store for us? along with utopian or dystopian visions, science ﬁction sometimes offers fascinating glimpses of what everyday life in the future might look like. one of the https : / / www. bundesbank. de / en / press / speeches / shaping - the - future - challenges - in - the - european - payments - market - 851850 1 / 9 01 / 12 / 2020 gshaping g pthe future – challengesyin they european payments marketg | deutsche bundesbank most popular american books in the 19th century was edward bellamy ’ s “ looking backward ”. [ 1 ] in this story, the protagonist falls asleep one night in 1887 and miraculously wakes up in the year 2000. he ﬁnds himself in a “ workers ’ paradise ” where people can retire at the age of 45 and the government controls the means of production. this utopia is technologically advanced and [UNK], featuring electronic entertainment, large shopping centres with a fast delivery system, and “ credit cards ”. yes, you heard right : money no longer exists in bellamy ’ s vision of the year 2000. instead, those cards grant people a just share of the goods produced in this ( socialist ) economy. ironically, bellamy may well have been the ﬁrst to use the term “ credit card ”. jumping back to reality, we have long grown accustomed to paying with “ plastic ” or cards. physical money still exists, but cashless forms of payment are readily available and on the rise. now, many observers see us