*  *  *  Ladies and Gentlemen, It is a great pleasure to have dinner with you tonight. I am very happy that central bankers from all five continents are together here today and tomorrow to hear about Europe’s experience in retail payments integration and innovation, and to talk about how this experience could benefit other countries and communities.
It is likely that the technological advances have mostly been internalised by the industry itself and deployed to increase secondary market activities, in particular proprietary trading. Over the last few years the crisis has heightened appreciation of the benefits of a more stringent regulatory regime. And much has been done to remedy the shortcomings of financial systems.