It means that we should move beyond the north-south divide which has too often shaped past discussions on EMU. Economic fragmentation is receding on our continent, thanks to a broad cyclical recovery, the ECB’s actions and the bold reforms initiated in several countries. We should be careful not to allow 2/3  BIS central bankers' speeches  political fragmentation to jeopardise these achievements. Ultimately, what matters is that we strike the right balance between solidarity and responsibility and that we embrace a vision which secures the integrity and resilience of the euro area. We all know that this is not easy. But failure to do so would leave the ECB alone at the forefront of macroeconomic stabilisation in the euro area. This is a risk not worth taking. Thank you. 1 See Cœuré, B. (2018), “The euro area’s three lines of defence”, speech at the conference “Deepening of EMU”,  Ljubljana, 2 February. 3/3  BIS central bankers' speeches
So, as well as delivering the highest levels of resilience, we need to make sure we take this once in a generation opportunity to facilitate innovation for many years to come by expanding the functionality of the renewed service. Whether that is ensuring that the new RTGS can interact with Distributed Ledger Technology, or developing hooks to allow third party operators to synch the movement of funds on the RTGS ledger with movements across other ledgers, we expect to deliver a platform that enables the future generation of financial services. Across all of these services, the data that are used, and the way that they are formatted and presented to users, is vital. And because the standards we are implementing are used internationally, there is a critical need to ensure we implement them well. 5  See previous footnote. For numerous examples, see Haldane, A (2018), “Will Big Data Keep Its Promise?”, available at https://www.bankofengland.co.uk//media/boe/files/speech/2018/will-big-data-keep-its-promise-speech-by-andy-haldane.pdf 7 The Real-Time Gross Settlement service is the infrastructure that holds accounts for banks, building societies and other institutions. The balances in these accounts can be used to move money in real time between these account holders, this delivers final and risk-free settlement. 8 As set out in Carney, M. (2018), “New Economy, New Finance, New Bank”, Mansion House Speech 2018, available at https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/new-economy-new-finance-new-bank-speech-by-mark-carney.pdf.