The Riksbank would thus have an account in the ECB’s system so that settlement can be made in Riksbank money without having to keep the Swedish large-value payment system open 24 hours a day. The vision is simply that payments can be made immediately, regardless of what time of day they are made, and that settlement shall be in Riksbank money. In this vision, the e-krona  7 [9]  would be a national back-up to the private payment system and it would enable both instant payments and settlement in central bank money. Conclusion Let me conclude by summarising what I have said. I believe that it is important to update the money the Riksbank issues to a format that suits the modern economy. We will therefore develop a pilot version of a central bank digital currency – an e-krona. Once we have tested the pilot version we can choose to issue, or not to issue, a digital krona to the general public. I have also talked about the rapid changes in the payment market, where rapid real time alternatives will be important in the future. In my opinion, payments ought to be made as quickly as we exchange information in the current digital society. It should be possible to make payments instantly 24 hours a day and to settle them in Riksbank money. A connection to the ECB's technical platform, TIPS, would be one way of doing this.
Our second priority is to accept the challenge of the new responsibilities that you, Chancellor, have asked the Bank to take on in respect of micro prudential regulation and macro prudential control of the balance sheets of the financial system as a whole. I welcome those new responsibilities. Monetary stability and financial stability are two sides of the same coin. During the crisis the former was threatened by the failure to secure the latter. The experience of the financial crisis taught us two important lessons. The first is that, whatever its theoretical attractions – and there certainly are some – putting prudential regulation into the same organisation as the oversight of consumer protection and market conduct didn’t work in practice. The two types of regulation require different skills and a different approach. Separating them – the so-called “twin peaks” model of financial regulation – is the right direction of reform. That conclusion is not a reflection on the people who work at FSA. They are an able group and have worked hard to improve prudential regulation over the past three years. I look forward to working with them in the future. Nor does it follow from this first lesson that prudential regulation should necessarily go to the central bank. 2  BIS Review 84/2010  But a second lesson is that when banks hit trouble the central bank needs to be fully involved in resolving those problems.