notably by g20 members, have been able to bolster confidence and improve financial market sentiment. conditions in the banking sector, and in financial markets more generally, have significantly improved since the summer of last year. this is manifested by rising global equity prices and a decline in financial market volatility and global risk aversion. global capital flows have picked up again. spreads on sovereign and corporate bonds are narrowing. but we have to remain prudent. we should continue to press ahead with reforms to avoid abrupt changes in financial market sentiment. and we can only acknowledge that for some of the g20 members this improvement in financial markets has not yet found its way through to bis central bankers ’ speeches the real economy. the key responsibility for us, economic policy makers in the g20, is therefore to continue our action based on the three pillars : commitment to the policy goals that we have set out consistency in their implementation, across time, across countries and across policy domains and collaboration among all of our constituencies. i have no doubt that the g20 will, under the russian presidency, contribute to restoring growth and job creation for the global economy. thank you. bis central bankers ’ speeches

a transformation. rapid technological progress, regulatory reforms and rising cross - industry initiatives, in particular by large global digital firms, have led to unprecedented dynamics and are putting established banks and payment service providers under considerable pressure. in this environment, there are clear signs that europe is at risk of losing its economic edge. country - specific solutions lack the necessary size and scale, and national fragmentation has paralysed competition and stifled innovation on the pan - european level. in the worst case scenario, this may endanger the autonomy of european payment systems. the vision of an industry - led, pan - european retail payment solution is therefore at the heart of the eurosystem ’ s retail payment strategy that i have outlined this morning. a pan - european strategy that facilitates instant, secure and inexpensive payments – both online and in brick and mortar stores – has the potential to make up lost ground and meet the rising needs of consumers for efficient cross - border payments. better affordability, quality and choice will also promote financial inclusion. the eurosystem therefore welcomes the recent initiative of european banks to join forces and envisage a payment solution for the euro area as a whole. thank you. 1 see also cœure, b. ( 2019 ), “ european capital markets : priorities and challenges ”, dinner remarks at the international swaps and derivatives association, frankfurt am main, 25 june. 2 see g7 working group on stablecoins ( 2019 ), investigating the impact of global stablecoins, october. 3 see juncker, j. c. ( 2018 ), “ the hour of european sovereignty ”, state of the union address 2018 ; european commission ( 2018 ), “ towards a stronger international role of the euro ”, european commission contribution to the european council and the euro summit, 5 december ; and european council ( 2018 ), “ statement of the euro summit ”, 14 december. 4 see cœure, b. ( 2019 ), “ the euro ’ s global role in a changing world : a monetary policy perspective ”, speech at the council on foreign relations, new york city, 15 february. 5 in line with strong customer authentication ( sca ) under the revised payment services directive ( psd2 ). 4 / 4 bis central bankers'speeches