 We are delighted to have a commissioner, Ms. McGuinnith, with us today. Ms. McGuinnith took over the role as commissioner for financial services and for stability in the capital market union earlier this month. So we are really pleased that you come and join us today and provide insights to the commission's new retail payment strategy. Thank you. Ms. McGuinnith. Thank you very much. I'm very pleased to be with you today. And I welcome the opening remarks of Mr. Pagnetta. So thank you both for the invitation but also the content because this is a crucial area for citizens and indeed much of the work the commission is doing is very in line with the remarks we've just heard. So in particular, I'm very pleased that the ECB strategy for retail payments complements our own strategy with regard to instant payments but also cash and the digital euro. The ECB strategy was released almost at the same time as the commissions. So we share the responsibility for ensuring a safe and orderly payments environment and the co-legislators with rather the co-legislators and the ECB. So today's event demonstrate that close cooperation and it's also very timely. We've just seen how much consumers and businesses in Europe depend on efficient and secure movement of money particularly in the current COVID crisis. And in fact this pandemic has led to an acceleration of change in our use of technology. Changes that in normal times might have taken years are now occurring within weeks because of necessity. And indeed there are ever more fintech providers and as Mr. Pagnetta spoke about even more digital transactions. The commission last month just before I took up my new role adopted a new digital finance package and we want to foster a strong, vibrant European digital finance sector that also protects the consumer. Part of this is a retail payments strategy. So our vision for this strategy is threefold to provide citizens and businesses with a broad and diverse range of secure, cheap, fast, seamless payment solutions supported by a competitive and innovative market. Second to support homegrown and pan-European payment solutions that reinforce the single market and Europe's open strategic autonomy. And third to improve cross-border payments with non-EU jurisdictions. The retail payment strategy is first and foremost about the consumer, ensuring choice, convenience, speed and safety when making domestic and cross-border payments in the European Union and beyond. This will also benefit businesses who will be able to benefit from real-time payments. Now this requires effective instant payment solutions and infrastructures. We will work with the market to make instant payments the new normal and take legislative action if necessary. On the ECB's side, as just presented by Mr. Pagnetta, TIPS is a key asset as a pan-European payments infrastructure, allowing banks to make instant payments across borders. So we strongly support the ECB's recently adopted plan to ensure interoperability at infrastructure level. Public identity technologies can help support European instant payment solutions and to make cross-border payments even more convenient and safe. Work on an EID solution under revised EADES framework will also be key. New ways to initiate payments like QR codes or contactless technology are also very promising, in particular for mobile and contactless payments. Interstandardization is needed and we want to address restrictions that large technology companies put in the way of access to contactless technology. Digital payment ecosystems and markets are increasingly complex. We want them to be competitive and innovative and for that regulation is key. A well-regulated and strong supervised retail payments market will be vital to ensure a high level of consumer protection and payment security and it will help us tackle the fragmentation in the single market. As banks and non-banks compete with each other in the provision of payment services, they should be subject to the same rules for the same activity. We need to address the current restrictions to the access to payment systems placed on non-banks which distort rather the level playing field and this is another area where we will work with the ECB. So moving to our second objective, which is for instant payments to help us reduce our dependence on established global players such as international card schemes and increasingly large technology companies. In the future, there's a risk that this dependence may extend to the issuance of stable coins. We want to support homegrown pan-European payment solutions and we're pleased to see the emergence of promising new key initiatives such as EPI, the European Payments Initiative. We would welcome the market to deliver such solutions, bold solutions with European scale and European ambition and this is essential to support our economic and financial open strategic autonomy. Another concrete step in this direction is our recently adopted regulation on markets and crypto assets, MICA, which includes global stable coins that can be used as a payment tool building on the recent G7 and FSB reports. Third and finally, we're committed to enhancing cross-border payments with non-EU jurisdictions. We need to make them faster, cheaper and more convenient and to give you one example, currently the cost of remissions is close to 7% and we need to reduce that figure. Here we are in line with the recently published G20 roadmap and we will also need to ensure continued close cooperation with the ECB to implement this roadmap, for instance, to establish links between EU payment systems and those in other jurisdictions. I want to finish by talking about the future forms of central bank money already addressed by Mr Panietta but concretely the digital euro. So here I want to start by saying that we must respect the role of cash which is enshrined in the EU treaties. Cash is a tool for social inclusion in particular for older people or people who are not tech savvy. Our strategy recognises this and calls for preserving its access and its acceptance. We're happy to see that the ECB has a concrete plan to contribute to that and we will also play our part. But the future is increasingly digital. We welcome the ECB's report and public consultation on a digital euro which will stimulate dialogue among stakeholders and that is already taking place. We also believe that a digital euro may present an unprecedented opportunity to pursue the objectives I've mentioned before. Bustering new payment solutions for consumers and businesses, open strategic autonomy and strengthening the international role of the euro. A digital euro should stimulate innovation, support digitalisation, create new business models and support public policy. The introduction of a digital euro would have many implications for the union so we should of course proceed with caution. Private digital payment offers and initiatives are vital so the aim of a digital euro should not be to disrupt them but to complement the role that banknotes and coins played today. We will need to work with Member States and the European Parliament and the ECB to ensure that the opportunities of the digital euro can be fully realised while managing the risks it may present. So in closing, Europe can play a leading role in the increasingly competitive payments landscape. The Commission is determined to work closely with the ECB to foster an integrated European payments market and reap the benefits of digitalisation. We have different roles and responsibilities but we share the same vision. I know Mr Panietta that our teams cooperate already on an almost daily basis in full transparency. You can rest assured that I'll work in my new role as Commissioner to strengthen those links. I wish you a very fruitful conference and I look forward to engaging with you. Thank you. Thank you, Ms Magranneth. Very interesting speech. It really shows the link both of the European Commission's new retail payment strategy which goes hand in hand with the ECB payment strategy. So I see lots of changes ahead but interesting time in the European payments market. Thank you for both of you for joining us this morning. It's a pleasure to have you on board. Thank you.