Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the 30^th Annual Congress of Financial Market Professionals organised by Assiom Forex

Genoa, 9 February 2024

Since their inception, central banks have continuously adapted to the changing requirements of the payment sector.^[1] They have also taken a keen interest in ensuring it functions smoothly, to protect financial stability and the implementation of monetary policy.

Central banks provide the financial system with a safe asset at its core: central bank money. Convertibility into central bank money is what keeps the value of private money stable. And the pivotal role played by central bank money is what connects all the different parts of the payments system. In short, central bank money ensures the singleness of money and the integration of the payments system.

This is particularly valuable in a monetary union like the euro area: central bank money – cash or reserves – can be used to settle…