Yet a growing share of data storage services is being outsourced to cloud providers, most of which are foreign. In addition, the use of public cloud services, where data from multiple customers are aggregated on a single server, raises issues of data security and auditability. Several recent episodes such as the US sanctions in Crimea (2014) or the Amazon Web Services failure (2017) have illustrated the real risks to and impacts on the economy of a destabilisation of payment activities. They thus stressed the need for the community to maintain end-to-end control over an activity that is essential to industry, commerce and public services. 2. Faced with these challenges, what roles should central banks play? In this perspective, the public authorities responsible for the development of the regulatory framework applicable to financial services and European private players obviously have a major role to play. The future of Europe’s sovereignty over its payments system will be all the  more secure if it can rely in particular on the ability of its private and industrial players, FinTechs and financial intermediaries to adapt and innovate continuously in order to reap the benefits for themselves and their customers of an open, competitive and highly integrated payments market at European and international level.
But the total amount of the macroeconomically stable debt burden is, unfortunately, an absolute value not depending on the period, during which the debt is being accumulated. The lack of clear fiscal strategy in the future can destabilise the markets already now. Whether the government debt is good or bad, as I have already mentioned, is a sham question to a certain extent. Another sham question is a choice between the financial stability and economic growth. Both the central bank and the Ministry of Finance are being quite often criticised for focusing monetary and fiscal policies respectively on the problem of financial stability to the detriment of economic growth. In actual fact, economic growth is impossible without financial stability. While a stable budget is the basis of financial stability. It is possible to stake money, including government one, at the microlevel, at the level of small specific projects. To take risks at the macrolevel means to endanger economic growth and social stability. 2  BIS central bankers’ speeches  An important question is how to finance the deficit: through reserves or through debt? Strictly speaking, both options lead to growth in net debt (net of reserves) and consequently to debt burden accumulation. That is why this choice is also a sham one to a large extent. Nevertheless, since the commodity market risks are high, we believe that today the priority should be given to debt financing and keeping reserves for more complicated scenarios, when the access to debt financing is even more difficult.