The goal of having euro area markets where access is as easy and efficient as it is to the respective national market has – with few exceptions – not been met yet. The remaining fragmentation is often the result of legacy and national rules. This fragmentation is an area that calls for action. It may be worth exploring the establishment of a truly European issuance service – at least for some supranational debt instruments. We could even think about the ECB/Eurosystem playing an active role in setting up such an issuance service. And we could consider whether and to what extent new technologies, like distributed ledger technology (DLT), can be used in that process. TARGET instant payment settlement (TIPS) Turning to the retail payments market, I have to say that, despite the introduction of standardised retail payment instruments and harmonised processing rules, the retail payments market infrastructure in Europe is still fragmented. Apart from a few exceptions, automated clearing houses (ACHs) still primarily focus on their respective national markets. The availability of a safe and efficient market infrastructure that can guarantee the processing of instant payments across Europe is a prerequisite for the launch of pan-European instant payment solutions. Payment service providers should have the choice to either clear their instant payments through ACHs or use a settlement service for instant payments. Earlier this month, the Eurosystem launched a market consultation on user requirements and the expected volumes for a settlement service for instant payments in central bank money.
4  BIS central bankers’ speeches  Given the importance of the matter, I cannot conclude without referring to our level of educational attainment and, specifically, to secondary education. Unfortunately, the measures that raise educational attainment pose a problem; unlike the reforms we have looked at today, the effects of potential improvements in education are very slow and this explains why the attention the subject requires is continuously put off. But this slowness in bearing fruit is precisely what justifies the need to undertake this task as soon as possible and, while waiting, we should reiterate that education is the most important problem facing our society and our economy in the medium term. Thank you very much. BIS central bankers’ speeches  5