In this sense, the euro has been successful, and the current crisis in the euro area has not yet changed this to any marked degree. The euro is the world’s second-largest international reserve currency, after the US dollar, and is recognised in trade everywhere. Underlying it is one of the two largest and most efficient financial markets in the world. As is discussed in Chapter 2, inflation has been close to the 2% inflation goal for most of the euro’s existence, averaging 2.1% from early 1999 until mid-2012 and currently measuring just under 2½%. On the whole, the euro  BIS central bankers’ speeches  3  has retained its value against other currencies. At the end of August 2012, it was nearly 6½% stronger against the US dollar than at the beginning of 1999, and 4% above the average over the intervening period. Euro area payment systems have proven effective, even in the financial crisis. No controls have been imposed on movement of euro-denominated assets, either within or outside the euro area. As a result, there is no currency crisis in the area, and it is therefore misleading to speak of “the crisis of the euro” as such. This does not change the fact that the euro area is currently faced with a complex web of problems that, if worse comes to worst, could threaten its very existence if political support for the currency union wanes.
Accordingly, we have widened the list of the strategic objectives of the National Bank that now explicitly incorporate support of technological progress and financial innovations, as well as financial literacy as important tool for protection of consumers in the fintech environment. Regulators cannot control nor predict what innovation will look like in the future. However, given the benefits it brings, regulators can contribute to the development of a Fintech ecosystem by creating an enabling environment for the entry of new products or  2/4  BIS - Central bankers' speeches  new players into the financial services market. Usually, regulation is seen as a significant challenge for Fintech-led transformation. In this context, together with the Ministry of Finance, we have put a lot of effort to significantly update payment services regulation, which is currently going through a legislative approval process. The new legal framework for payment services embodies objectives that seek to foster innovation while ensuring a level playing field for all players, including newcomers. An important step in the same direction are efforts for digital identity verification of consumers that has a significant potential to drive greater levels of financial inclusion and financial accessibility. Regulators can enable, encourage and support innovations in financial services, by providing regulatory certainty and clarity. Considering this, in the National bank we established the so-called "Innovation Gateway",to serve as a central point of contact and communication channel between innovators in the financial industry, the central bank, and other relevant authorities.