So after the groundwork of the past two years, we have started, this year, to develop specific proposals for material improvements to existing payments systems and arrangements, as well as the development of new systems. Without these improvements, our targets will not be achieved. And cross-border payments will remain costly, slow, and untransparent, and continue to exclude many of the most vulnerable.
* * * It is with great pleasure that I would like to welcome you to this first workshop of the ESCB Research Cluster looking at issues related to financial stability, macroprudential regulation and microprudential supervision.