role as a reserve currency globally. moreover, we have a robust and diverse banking system that provides important services along with a widely available and expanding variety of digital payment options that build on the existing institutional framework with its important safeguards. circumstances where the central bank issues digital currency directly to consumer accounts for general - purpose use would raise profound legal, policy, and operational questions. that said, it is important to study whether we can do more to provide safer, less expensive, faster, or otherwise more efficient payments. some jurisdictions are likely to move in this direction faster than others, based on the particular attributes of their payments and currency systems. at the federal reserve, we look forward to collaborating with other jurisdictions as we continue to analyze the potential benefits and costs of central bank digital currencies. most immediately, the federal reserve is actively working to introduce a faster payment system for the united states, to improve the speed and lower the cost of consumer payments. in many countries, consumers are already able to make real - time payments at low cost. this summer, the federal reserve announced the first new payment service in more than 40 years — the fednow service — to provide a platform for consumers and businesses to send and receive payments immediately and securely 24 hours a day, 365 days a year. - 9as the public and private sectors work to reduce payment frictions, one of the most important use cases is for cross - border payments, such as remittances. current cross - border payments solutions are often slow, cumbersome, and opaque. authorities in many jurisdictions, including the united states, recognize the importance of cooperating across borders with each other and the private sector to address these cross - border frictions. 13 technology will continue driving rapid change in the way we make payments and the concept of “ money. ” as central bankers, we recognize the power of technology and innovation to transform the financial system and reduce frictions and delays, and the importance of preserving consumer protections, data privacy and security, financial stability, and monetary policy transmission and guarding against illicit activity and cyber risks. given the stakes, any global payments network should be expected to meet a high threshold of legal and regulatory safeguards before launching operations. the work ahead is not easy — the policy issues are complex, the coordination challenges are significant, and there are likely to be few simple fixes. because the road ahead is complicated and challenging, i am especially pleased that benoit will continue to help us navigate these issues as the new

the future rate of sustainable economic growth. in summary, the objective of economic policy - - monetary policy included - - is to keep the economy on the highest sustainable growth path. no one knows exactly what that rate is right now, or what it can be in the future, but a combination of policies, intelligently pursued, can raise it as far as possible. these policies include : wise monetary policy that helps the economy expand, and keeps labor markets tight, without incurring excessive risk of accelerating inflation ; investment in skills by individuals, firms and the public and non - profit sectors ; increased saving ( public and private ) invested in research, technology and infrastructure. the federal reserve will do its part, in the face of huge uncertainties, to steer an appropriate monetary policy. fiscal and other policies, both public and private, are needed to take full advantage of the opportunity we have today to keep the american economy operating at a high level in the future.