In the sandbox, QR Code payment services and supporting systems will be tested to ensure the accuracy of transactions, the stability and security of systems, and the provisioning of consumer protection since these are new services which require interoperability between banks and non-banks. At the moment, two banks are testing their services and six banks are applying to participate in the sandbox. The QR Code payment services will be gradually launched by service providers based on their readiness, it is expected to be available to the country wide within the 4th quarter of 2017. In this occasion, I would like to express my appreciation to all related parties for their contribution to e-Payment developments in Thailand and for the collaboration to promote standardized QR Code payment which will make e-Payment to be more accessible, convenient and cheaper. The event today is a great milestone for the cooperation of all stakeholders to build sound financial environment and infrastructure that enhance country’s competitiveness and sustainable development. Thank you.
Besides Switzerland, I will also be looking at the Czech Republic, Sweden and – a special case – Denmark (cf. chart 1). These are all small open economies with strong trade links to the euro area. With the exception of Denmark, these countries chose to continue pursuing an independent monetary policy even after the introduction of the euro. Furthermore, the central banks of all these countries have in recent years implemented unconventional monetary policy measures. I will return to this point in more detail later. Two questions stand at the centre of my speech today. First, can countries bordering a major currency area pursue an independent monetary policy – and have events since the onset of the financial crisis in 2008 affected the answer? And second, how have unconventional measures helped these countries in the implementation of an independent monetary policy? I will argue that the first question – whether countries bordering the euro area can pursue an independent monetary policy – can essentially be answered with a yes. However, for these countries, managing monetary conditions arising from interest and exchange rate levels has become significantly more difficult in recent years. Regarding the second question – how have unconventional measures helped these countries in implementing an independent monetary policy – I will argue that negative interest, foreign exchange market interventions and quantitative easing programmes – instruments each tailored to suit a country’s specific needs – have helped these central banks to regain a certain room for manoeuvre.