We have been driving the development of the European infrastructure for settling transactions in central bank money (the TARGET system) and play a primary role in its operation; we are testing out banknote security features that will benefit the entire Eurosystem; we oversee payment systems, services and instruments to ensure adequate levels of security and efficiency, with benefits for customers.
The market consequences of all that have kept central bankers across the globe awake at night from time to time. Fellow Governors, ladies and gentlemen, Before I conclude my remarks, let me reiterate that we live in a truly challenging time.