The Future of Money While Adam Smith was cautious about the role of the state, he recognised it should furnish the rules and conditions within which private innovation can flourish. In the monetary sphere, this means providing money which citizens can use with confidence and ease. The Bank of England delivers just that through the quality of our banknotes, the stability of UK inflation, the resilience of our financial system, and efficiency and reliability of our core payment systems. We are overhauling our system, RTGS, so that private innovation can flourish. Bringing crypto-assets onto a level regulatory playing field could also catalyse private innovation to create a more resilient, effective payments system. With these foundations in place, the scene is set for better payments, a better economy and a better Friday night out. 32  Oliver Wyman and Santander estimated that distributed ledger technology could reduce banks’ infrastructure costs attributable to cross-border payments, securities trading and regulatory compliance by $ per annum by 2022. See: https://santanderinnoventures.com/fintech2/ 15  All speeches are available online at www.bankofengland.co.uk/speeches  15
Along with the Bank of England and the Federal Reserve, the SNB is represented as an observer in the IBA oversight committee. Matters discussed by the oversight committee include methodology, definition and data basis for the Libor rates; as such it plays an important role in supporting and evaluating the reforms that have been adopted. BIS central bankers’ speeches  3  Charts  4  BIS central bankers’ speeches  BIS central bankers’ speeches  5