difficult to achieve at the level of the system as a whole, because the available incentives do not necessarily support coordinated action. consistent with the wallis vision, the psb has been active in promoting coordinated industry solutions where that was in the public interest. an early example was in encouraging faster cheque clearing – an obvious improvement in system efficiency but one that couldn ’ t have been achieved without effective coordination. on a larger scale, the psb more recently undertook its strategic review of innovation in the payments system, the results of which were published in 2012. 2 that review was conducted over a two year period and involved extensive consultations with both the payments industry and with users of payments services. it found a number of areas where there was scope for system improvements that could be achieved through coordinated action. the key areas were : • same - day settlement of direct entry transactions ; • faster payments and out - of - hours payments to be made generally available ; • capacity for richer information with payments ; and • an easy addressing solution for electronic payments. the first one of these was delivered at the end of 2013 and essentially involved an acceleration of existing direct entry processes. the remaining three form a more ambitious agenda and are together being taken up as part of the industry ’ s new payments platform ( the npp project ). the npp is a successful example of what can be done through collaboration between the industry and its regulator. it is also a good example of the catalyst role for the psb in promoting system innovation that was envisaged by wallis. while it is an industry - led project, it is strongly supported by the psb, and the board continues to encourage commitment to the project and to its timely completion. the project was launched in early 2013 and is now well advanced. on current scheduling the npp will deliver a fast payments service with rich information and addressing capabilities in the second half of 2017. it will be linked to a fast settlement service provided by the reserve bank, which will allow transactions to be cleared and settled 24 / 7 in close to real time. all of this will amount to a world - class payments infrastructure. it will also be a platform for further innovation. one of the key decisions made at an early stage of the project was to separate the basic clearing and settlement infrastructure from the commercially based overlay services that would use it. the industry is committed to an initial overlay that is intended to provide an attractive service and drive early volume growth. but it is important to note that access

sergiy nikolaychuk : speech - 9th european central bank conference on central, eastern and south - eastern european countries speech by mr sergiy nikolaychuk, deputy governor of the national bank of ukraine, at the 9th ecb conference on central, eastern and south - eastern european ( cesee ) countries, frankfurt am main, 17 july 2023. * * * dear all, i am greatly honored to speak at this event hosted by the ecb and i would like to sincerely thank the ecb for the invitation to participate in this conference. for the national bank of ukraine it is extremely important to be the part of the family of european central banks highlighting ukraine's eu integration efforts. i understand that my intervention today will differ from what my fellow panelists spoke of. other countries in the region discuss macroeconomic responses to the secondround effects from the russian invasion of ukraine and can afford to underline other, often long - term, risks and challenges. in the meantime, we are in the epicenter of this horrific reality while trying to navigate the economy and ensure macroeconomic and financial stability. since russia's invasion last year, ukraine has been facing enormous challenges in conducting all elements of macroeconomic policy. along with other state actors, the national bank of ukraine has been forced to make decisions under constant shelling, risk of occupation, power blackouts, destruction of whole cities and overall exceptional uncertainty. nevertheless, we have successfully maintained our focus on safeguarding price and financial stability. at the initial stage of the war, in order to prevent the panic and preserve uninterrupted functioning of the banking system and payments, the nbu adopted a wide range of " classic " anti - crisis measures, such as fixing the exchange rate introducing tough capital controls easing requirements for banks and providing them with vast liquidity. moreover, to ensure uninterrupted funding of critical public expenditures, the nbu started supporting state budget via purchasing government bonds. but while these early measures helped the banks, businesses and households to quickly adapt to the new reality, this mix was not sustainable in the long run. that's why we started to adjust our policies and ration our resources as the blitzkrieg moved to a war of attrition. the need for such changes in policy was clearly indicated by fast depletion of the international reserves as nbu's fx sales were not covered by the official inflows. thus, we had to repeg the exchange rate (