See Panetta, F. (2022), "Bringing European payments to the next stage: a public-private endeavour", keynote speech at the European Payments Council's 20th anniversary conference, Frankfurt am Main, 16 June. 9 Settlement can be defined as the completion of a payment transaction with the aim of  discharging end users' obligations through the transfer of funds.
On another front, an expansionary fiscal policy that puts the stability of public debt at risk in the future requires significant correction, which will generate a possible adverse effect on economic activity. 4  BIS central bankers’ speeches  Final comments During the global crisis, monetary policy expanded to supply the required liquidity and maintain the functioning of markets.