speeches welcome – keynote address by bank of greece governor yannis stournaras at “ the central banks payments conference ”, titled : “ the payments landscape ( eu - greece ) ” 28 / 06 / 2022 - speeches it is a great pleasure for me to be here with you today, to welcome this great audience, coming from all continents for this important event. it is an honour for me to address so many different experts, representing the whole spectrum of payments in the international scene, both from the central bank community and the industry. payments and payment systems constitute a core area of interest for central banks. they constitute the platform for the execution of monetary operations, and they provide the basis of trust and confidence for all citizens, when using the currency in their transactions, every single day and time. today, more than at any time in the past, we are at a critical point as regards central banks ’ policies in payments : - technology in this area is evolving fast, faster than ever ; - innovation and transformation are the norm, not the exception ; - the universe of players and actors in the payment industry has become vast and diverse ; - and different industries ( beyond the financial sector ) are striving for a role in the payments landscape. the eurosystem has demonstrated important work and achievements in both wholesale and retail payments. the cornerstone of its retail payments policy in the last two decades had been to promote cashless payments, especially via the sepa and other initiatives, harmonization of market practices and a coherent oversight approach. but today we are far beyond that point, as we are facing new challenges : to respond to the need for more innovation, more speed and convenience, and also to ensure broader access of all citizens to innovative payment instruments. at the same time, the challenge is to preserve the crucial role of central bank money across the chain of the payment spectrum and maintain public trust and confidence in the use of the currency. this becomes more and more important as we observe constant contraction in the use of cash, which today constitutes the only form of central bank money from the retail payments perspective. and perhaps even more important in a backdrop of the development of alternative, private instruments and schemes that operate outside the perimeter of monetary sovereignty. eurosystem ’ s initiatives to address such new challenges are well known. there are policies in support of instant payments, actions to enhance wholesale payment services, and work in progress related to the potential introduction of a digital euro. it is also taking part in the

of funding, as well as provide alternative financing opportunities for infrastructure projects. of course, the program is not a silver bullet. and if policymakers are not careful, it could also pose challenges in the economy. in the long - run, while infrastructure investments promise to support economic growth and employment, unforeseen large external demand and price pressures that affect the import requirements of infrastructure projects can, in turn, limit the benefits of improving macroeconomic conditions. other challenges facing policymakers include issues on skilled labor shortage that may cause delay in the infrastructure projects ; budget drawdown issues ; and possible inequity in resource allocation at the local level. 1 / 2 bis central bankers'speeches in this regard, greater policy dialogue and close coordination of relevant government agencies in terms of fiscal planning and budget execution, as well as program planning is a policy imperative. needless to say that the road ahead requires a lot of work. let us start today by making this event a fruitful one through the productive and meaningful exchange of ideas on the topic. in particular, our discussions shall revolve around the following : 1. the developments / issues encountered in the bbb program. 2. funding requirements for the continued and sustainable implementation of the bbb program. 3. impact of the bbb program in the short and medium - term on macroeconomic conditions, namely, inflation, current account, exchange rate, and growth output ; and 4. the possible disadvantageous effects, if any, of infrastructure program on jobs, equity, and the “ crowding out ” of credit and investments. i look forward to have a meaningful exchange of views and ideas on these issues. let me also take this opportunity to thank our speakers in advance for your time and contribution in this exercise, which is part of our effect to look at a broad range of economic and non - economic issues that provide useful insights for policymaking. rest assured, your insights will serve as useful inputs to the bsp ’ s conduct of monetary policy, as we all strive to build the “ hardware ” that would propel our country to sustainable and inclusive growth. thank you and mabuhay tayong lahat! 2 / 2 bis central bankers'speeches