At the Riksbank, we consider there to be a risk of overconfidence in the market taking its responsibility for cash supply, both now and in the future. In our consultation response, we therefore propose that the market’s responsibility for giving customers access to a payment account and related cash services be regulated more clearly; or that the law include an option for the state to intervene if the market fails, regarding both cash and electronic payments. Despite everything, there is still a long time to go before Sweden becomes a cashless society. There is still SEK 73 billion in circulation in the form of 317 million banknotes and 1.9 billion coins – a significant sum of money. The Swedish payment system RIX will change But the Riksbank’s role as regards payments is not just limited to ensuring the availability of cash. The Riksbank’s system for payments between banks and a number of other financial institutions – the RIX system – is the hub of the Swedish payment system. All payment transactions between banks, clearing organisations and the National Debt Office pass through RIX. 4 This makes it an important part of the Swedish financial infrastructure with a daily turnover of about SEK 450 billion divided among over 15,000 payments. The development of payment services makes adjustments of the RIX system necessary. An example is the development of payments in real time using, for example, the Swish mobile phone app.
This conference series seeks to bring together top  1/2  BIS - Central bankers' speeches  researchers to present their recent work on topics of critical importance for the Spanish economy, and also distinguished policy-makers to discuss their views on these topics. But past successes are simply a good starting point. CEMFI has ambitious plans. It has a plan to implement a strategic vision for the future (underpinned by rigorous external evaluation), it has outstanding leadership (current and incoming) and it has plenty of talent. All these elements have been brought to fruition this year. In fact, the academic year that we are closing today has been full of good news for CEMFI, starting with the successful restructuring of the Master programme, the refurbishing of the new premises in Casado del Alisal 12, and the increase in the size of the faculty from 16 to 19 members, in line with the Board of Trustees' decision to have 25 faculty members by 2025. Even so, we should never forget, that all this – the premises, staff, faculty, strategic plans – are merely instruments. You, the students at CEMFI are the ultimate purpose. Your education and your future. They are at the core of our decisions. Apart from the Master in Economics and Finance, the other major academic programme at CEMFI is the PhD in Economics. In this respect, I would like to mention that 10 students have already defended their PhD theses or will do so in the near future.