again with price stability. there is simply no alternative to this today. the only potential margin for manoeuvre is in the composition of the policy mix, that is, the balance of monetary and fiscal policy. in fact, those advocating a lesser role for monetary policy or a shorter period of monetary expansion necessarily imply a larger role for fiscal policy to raise demand and close the output gap faster. conclusion let me sum up. the global low interest rate environment is a symptom of challenges in the world economy, not its cause. if interest rates are to rise again to sustainably higher levels, it is those bis central bankers ’ speeches underlying causes that need to be addressed. this is true at a global level, and it is true in the euro area. in the euro area, we need expansionary macroeconomic stabilisation policy to support demand, starting of course with monetary policy. that will allow inflation to return to our objective and, in time, for policy interest rates to rise back to their long - term levels. but monetary policy cannot raise long - term real rates. that can only be achieved by structural reforms that elicit a structural rebalancing of saving and investment. higher real returns on savings must come through decisive action on the supply side. in this context, there is also a third type of policy that would support both demand in the short - term and supply in the medium - term, and which is unique to europe. that is committed reform of euro area governance that can remove lingering doubts about its future. there is little doubt that question marks over the future of the euro area, and the european union in general, are contributing to uncertainty for individuals and firms, and that this can hold back consumption and investment. removing this uncertainty will help boost consumption and unleash investment across the continent. there is therefore no doubt in my mind that institutional reform in the european union and of the euro area has genuine economic benefits. for all those who want to see a return to more normal levels of interest rates, this is an essential part of the solution. bis central bankers ’ speeches

cards framework ”, extensive changes await the european cards market. the ecb expects a new european card scheme to emerge, harmonising card payments across europe. that said, efficient national card schemes should not vanish, leaving the cards market entirely to international card schemes. let ’ s work together and use the experience of the national schemes to devise a new european card scheme. together, these three payment instruments make up sepa, our key to a door behind which many opportunities lie. once the door is open we will still have a mountain to climb. but if we are willing to take up the challenge and use sepa with innovative thinking, we can reap the full benefit. let me stress : we do not envision opening the door only to sit back and admire the great many opportunities on the other side. let ’ s climb the mountain, discover the opportunities and progress onwards and upwards. let ’ s complement the sepa instruments with innovative services, such as online and mobile payment initiation, e - invoicing and e - reconciliation. by combining these services with sepa instruments, we eliminate paper and the payment process becomes fully electronic. end - users will spend less time on payments – and, as we all know, time means money. but how will you benefit from sepa? corporates – make fast european transactions, simplify your payment handling and consolidate your liquidity management. sepa ’ s harmonised services can optimise your payment process. so, request these services from your banks and service providers. public administrations – you will experience the same benefits as corporates. but that ’ s not all. sepa can help drive e - government and e - procurement, thereby promoting efficient public services. by adopting sepa at an early stage, you will extend its benefits to society at large. consumers – one bank account and one set of payment instruments is all you need. as with euro notes and coins, there will finally be no difference between payments across europe – all euro payments will be ” domestic ”. and banks – you have developed and will form the basis of sepa. and sepa can help you expand your business, as integration and harmonisation will encourage competition. it is now up to you to use the opportunities sepa brings. the launch of sepa today is a major step in creating the single market and represents a significant contribution to the lisbon agenda and a more competitive europe. it has not been easy to arrive at where we are today – sepa