Innovation must be built on public trust – Governor Gabriel Makhlouf

Central Bank of Ireland Governor Gabriel Makhlouf today (Friday 18 September) spoke at The Future of Finance Conference held in Dublin. Governor Makhlouf opened the conference with a focus on trust “At the Central Bank of Ireland, our work on the payments system is an important part of our economic, policy and regulatory work. And we approach it from a clear starting point: trust.” “We have always had public and private money that co-existed, complemented and reinforced each other. The monetary system of the future need not be a departure from this, but rather an expanded framework in which both established and new forms of payment instruments can settle, be redeemed, be interoperable and be trusted“ Governor Makhlouf also said central banks will play an important role in shaping the future payments ecosystem, commenting “Trust in all providers of money must be assured for monetary and financial stability, and long-term prosperity.” The Central Bank sees three broad policy areas as core to these aims: Infrastructure: Modernising the infrastructure of central bank money, both facing consumers through the digital euro, and in the background settlement system using digital ledger t...