德國央行執委 | 掀開支付未來的簾幕

導讀： 德國央行執委在演講中著重討論了科技巨頭、用戶支付行為的變化和Libra穩定幣對支付的影響。作者指出科技巨頭正在徹底地改變金融部門-通過支付作為切入，圍繞支付構建多樣化的經濟活動生態，並且壟斷由此產生的數據的價值，利用龐大用戶基礎的網路效應，形成「贏家通吃」的局面。雖然他們目前與傳統金融機構有合作，但傾向於未來構造封閉的體系，並嚴重剝奪後者的金融中介活動。作者的擔憂正是G7工作組在報告中指出的全球穩定幣可能會影響金融市場的公平競爭。中國政府對科技巨頭如螞蟻金服和騰訊支付平台的監管經驗為應對這種挑戰提供了有益借鑒。作者指出用戶支付行為的改變推進了數字化和無現金化的進程。中國讀者可能會認為這是「少見多怪」，誰讓中國已經是目前世界上移動支付最領先的國家呢？中國用戶對移動支付的接受程度直接提升了中國的數字化進程和無現金程度。作為央行官員，作者對Libra的創新保持開放態度，但指出一系列擔憂，包括誰能監管，如何監管，如何應對反洗錢等核心問題。為應對數字支付的挑戰，德國央行也在評估央行數字貨幣的可能性，但並不確定它是最佳答案，因為可能帶來金融穩定性風險。為應對Libra的挑戰，德國央行也傾向於來自私營部門的應對方案，例如建立泛歐支付系統的想法，去應對多種場景的支付需求。作者的發言提供給讀者了一個快速了解歐洲數字化、支付和央行數字貨幣等概況的機會。作為對比，中國在移動支付、央行數字貨幣和數字經濟等多個領域不僅有強有力的政策引導也有位於全球領先地位的商業實踐。這確實是一個偉大的時代，中國在數字經濟領域不再是跟隨者而是領跑者。

龍白滔2019年11月7日

文：Burkhard Balz

編譯：趙穎鈺 龍白滔 袁洪哲

Curtain up for the future of payments: from Bigtechs and Fintechs to Smartphones and Stablecoins

掀開支付未來的簾幕：從科技巨頭和金融科技企業到智能手機和穩定幣

Roundtable on Digitalisation German Institute for Japanese Studies

德國日本研究所數字化圓桌會議

Introduction

引言

Ladies and gentlemen,

Professor Waldenberger,

女士們先生們，

沃爾登貝格爾（Waldenberger）教授，

Thank you very much for inviting me here to the German Institute for Japanese Studies in Tokyo.

非常感謝你邀請我來到這裡，位於東京的德國日本研究所。

I have to admit that, compared with the metropolis of Tokyo, my place of work—Frankfurt– feels like a village, to say nothing of my hometown of Stadthagen west of Hanover in charming Lower Saxony.

我不得不承認，相較於東京，我工作的地方法蘭克福——就像一個村莊，更不用說我家鄉漢諾威以西的下薩克森州的斯塔德哈根。

Tokyo and Frankfurt, or rather Japan and Germany, are some 10,000 km – a 12-hour flight –apart, and they each have their own distinct culture with many special features. At the same time, our two countries share multiple ties and have a high degree of mutual appreciation. I also have the impression that the Japanese and Germans are not that dissimilar in many respects:

東京和法蘭克福，或更確切地說是日本和德國，相距約10,000公里——長達12小時的飛行距離——它們各自具有各具特色的不同文化。同時，我們兩國有著多重紐帶和相互間的高度讚賞。我也認為，在許多方面日本人和德國人並沒有那麼不同：

1) The Japanese are known for being very thorough and passionate about order, making them very similar to the Germans or even putting them one step ahead of us.

2) Many Japanese love beer. Just like we do …

3) And the Japanese have an affinity for cash – the same is not just said about the Germans, our payment behaviour studies provide research-based evidence of this.

1）日本人以對秩序徹底和熱誠著稱，這讓他們與德國人非常相似，甚至比他們領先一步。

2）許多日本人喜歡啤酒，這和我們一樣...

3） 日本人喜愛現金——德國人也同樣如此，不僅僅說說而已，我們的支付行為研究也提供了基於研究的證據。

And yet, payment behaviour is being transformed by digitalisation, which brings me straight to the subject of my speech.

然而，支付行為正在通過數字化而改變，這讓我直接想到了我演講的主題。

I have been a member of the Executive Board of the Deutsche Bundesbank since September 2018, and have responsibility for payments, amongst other things. My speech is entitled 「Curtain up for the future of payments: from bigtechs and fintechs to smartphones and stablecoins」. I would therefore like to proceed by discussing the three aspects mentioned in the title of my speech, since these are key to digitalisation in my area of responsibility – payments – but also in other areas of the financial sector.

2018年9月以來，我一直擔任德意志銀行執行委員會成員，負責支付等事項。我的演講名為「掀開支付未來的簾幕：從科技巨頭和金融科技公司到智能手機和穩定幣」。因此，我想繼續討論我演講題目中提到的三個方面，因為這些方面是我職責領域（支付）數字化的關鍵，也是金融部門其他領域數字化的關鍵。

I will kick off by discussing the challenges posed by new players in the payments space – I am talking about fintech and bigtech firms.

我將從探討支付領域新參與者帶來的挑戰開始今天的演講——我正在討論的是關於金融科技和科技巨頭公司。

Second, I will touch upon the changing user and payment habits – the keyword here being smartphones.

其次，我將涉及正在變化的用戶和支付習慣——這裡的關鍵詞是智能手機。

Finally, I will wrap up by inevitably talking about what is probably the most discussed payments topic in the world: stablecoins and the challenge called 「Libra」.

最後，自然地，我將討論世界上被討論最多的支付主題：穩定幣和被稱為Libra的挑戰。

FinTechs and BigTechs: new actors in the payments markets

金融科技公司和科技巨頭：支付市場的新參與者

On many fronts, the digitalisation of payments is being driven by new players – fintech and bigtech firms.

在許多方面，支付的數字化是由新的參與者們推動的——金融科技公司和科技巨頭。

Fintech players – that is, fledgling start-ups offering innovative technology-enabled financial services – also feel very much at home in the payments market. These newcomers start out 「on the greenfield」 and are able to build their systems from the ground up in a way that lets them leverage the opportunities offered by the platform economy and digitalisation. One example of this is smartphone banks or neobanks such as N26, which is a highly successful newcomer in Germany』s banking market. Another feature of these banks is that they no longer endeavour to 「produce」 everything themselves. On the contrary, they regard themselves more as digital platforms that seamlessly integrate the services of third parties – including those of other fintech players.

金融科技公司——即提供創新技術支持的金融服務的初創企業——在支付市場也遊刃有餘。這些新興企業從「綠地」起步，從頭開始構建自己的系統的方式讓它們能夠利用平台經濟和數字化帶來的機遇。這方面的一個例子是智能手機銀行或Neobank，如N26-0.N26是德國銀行市場上一個非常成功的新興銀行。這些銀行的另一個特點是，它們不再努力自己「生產」所有東西。相反，他們更多地將自己視為無縫整合第三方服務的數字平台——包括其他金融科技公司的服務。

In most cases, though, fintech firms (still) cannot pose a serious challenge to market incumbents. Unsurprisingly, then, we are seeing more and more cooperative ventures between credit institutions and fintech players. These allow the former – the banks – to provide their customers with convenient, innovative services within a short space of time. Examples in Germany include customer identity verification by video, or services that make switching accounts more straightforward. The latter – the fintech businesses – get to tap into a large customer base and benefit from the confidence shown in them and from regulatory expertise, amongst other things. So the end result, more often than not, is a win-win situation for both the incumbents and the newcomers.

不過，在大多數情況下，金融科技公司（仍然）無法對市場在位者構成嚴重挑戰。因此，我們看到越來越多的信貸機構與金融科技公司合作也就不足為奇了。這讓前者（即銀行）可以在短時間內為客戶提供方便、創新的服務。例如，在德國這些服務包括通過視頻驗證客戶身份，或者能夠使轉賬更加直接的服務。後者—金融科技企業—可以利用龐大的客戶基礎，並受益於對它們的信心和監管專業知識等。因此，最終結果往往是在位者和新來者雙贏。

By contrast, bigtech firms are a different kettle of fish altogether. These are the global tech businesses and platforms such as Apple, Amazon, Google and Facebook from the United States, as well as Alibaba and Tencent from China.

相比之下，科技巨頭公司完全是另一回事。這些是來自美國的全球高科技企業和平台，如蘋果、亞馬遜、谷歌和Facebook，以及來自中國的阿里巴巴和騰訊。

Bigtech players are transforming the financial sector and particularly the world of payments far more radically than the up-and-coming fintech firms ever could. You see, they can leverage a large existing customer base, technological expertise and sizeable financial resources.

科技巨頭們正在改變金融部門，尤其是支付的世界，其改變程度遠比新興金融科技公司所能做到的更徹底。你看，他們可利用的有現有的龐大客戶基礎、技術專長和可觀的財務資源。

For instance, Apple Pay and Google Pay were launched last year at the point-of-sale in Germany. The dominant force in e-commerce in Germany has, for a long time now, been the US group Amazon – which also offers a payment service of its own. Another US-based payment service – PayPal – is very widespread in e-commerce. Recent figures indicate that roughly 40% of sales by the top 1,000 online retailers in Germany, excluding Amazon, are paid for using PayPal.

例如，去年蘋果支付和谷歌支付在德國銷售點推出。長期以來，德國電子商務的主導力量一直是美國的亞馬遜集團，該集團也提供自己的支付服務。另一個總部設在美國的支付服務—貝寶—在電子商務中非常普遍。最近的數據顯示，在德國排名前1000的在線零售商中，不包括亞馬遜，大約有40%的銷售額是通過使用PayPal支付的。

China offers a very vivid example of how far bigtech services can penetrate people』s day to-day lives:

中國提供了一個非常生動的例子，說明科技巨頭的服務能在多大程度上滲透人們的日常生活：

WeChat and Alipay (which belongs to the Alibaba Group) can be used not only as a payment method, but also to directly order food, buy cinema tickets or call taxis – all services united on a single platform …

微信和支付寶（屬於阿里巴巴集團）不僅可以作為一種支付方式，還可以直接訂餐、買電影票或叫計程車—所有服務都集中在一個平台上…

Without a doubt, this is all very convenient for consumers and retailers, since everything can be taken care of 「under one roof」, so to speak. This development, however, is not without its problems from the point of view of the consumer, as well as from the perspective of regulators and established banks.

毫無疑問，這對消費者和零售商來說都是非常方便的，因為可以說，所有的事情都可以在「一個屋檐下」解決。然而，從消費者的角度，以及從監管機構和老牌銀行的角度來看，這種發展並非沒有問題。

If bigtech firms expand into an increasing number of business areas, there is a risk that monopolies arise. Moreover, if the data generated are analysed and consumers are offered matching products and services, they will lose sight of the alternatives. In the markets of the internet economy, usually 「the winner takes it all」.

如果科技巨頭公司擴張到越來越多的商業領域，就有出現壟斷的風險。此外，如果對所產生的數據進行分析，並向消費者提供匹配的產品和服務，消費者們不會看到其他替代品。在互聯網經濟的市場中，通常「贏者通吃」。

From the consumer』s perspective, we should remind ourselves of the business logic of many bigtech firms: Many of the services they offer – such as payments – might be provided purely as a way of obtaining data, the key raw material for their business model. Consequently, many services are only seemingly free for consumers, since they are paying for them with their personal data.

從消費者的角度來看，我們應該提醒自己許多科技巨頭們的商業邏輯：他們提供的許多服務—例如支付—可能純粹是作為獲取數據的一種方式，而數據是他們商業模式的關鍵原材料。因此，許多服務對於消費者來說似乎只是看起來免費，因為他們用自己的個人數據付費。

For banks, meanwhile, there is the danger of losing the battle for the customer in payments. The risk is that the bigtech players place themselves at the customer interface, leaving the banks merely as interchangeable settlement actors in the background.

與此同時，對於銀行而言，在爭奪客戶的支付戰中有失敗的危險。風險在於，科技巨頭們將自己置身於客戶界面，讓銀行僅僅成為可更換的結算行為體。

For now, the bigtech firms still rely on cooperative ventures with banks for the settlement of payments in Europe. A payment made using Apple Pay or Google Pay is mostly settled via the credit card stored in the account, which is issued by a bank. However, Apple, for one, has already started issuing its own credit cards (currently still in cooperation with Goldman Sachs).

目前，這些科技巨頭仍然依靠與銀行的合作企業來結算歐洲的支付。使用蘋果支付或谷歌支付進行的支付大部分是通過賬戶中存儲的信用卡進行結算的，信用卡是由銀行發行的。然而，蘋果已經開始發行自己的信用卡（目前仍與高盛合作）。

A next step could now be creating closed payment systems that no longer need any established payment instruments to carry out payments. And indeed, Facebook is of course already planning its own payment system which is independent of any bank: Libra – I will come back to this a little bit later …

科技巨頭們的下一步可能是建立封閉的支付系統，不再需要任何已有的支付工具來進行支付。事實上，Facebook當然也已經在計劃自己的支付系統，它獨立於任何銀行：Libra——我稍後會回到這一點……

Smartphones: changes in user and payment behaviour

智能手機：用戶和支付行為的變化

It is not just the newcomers that are disrupting the payments space – consumers』 user behaviour is having a transformational impact, too. The use of cashless payment methods is growing rapidly, as confirmed by our annual payment statistics. For example, the number of cashless payments in the euro area increased by almost 8% last year alone, due, no doubt, in part to the growing trend to go digital.

擾亂支付領域的不僅僅是這些新來的——消費者的用戶行為也產生了變革性的影響。正如我們每年的支付統計數據所證實的那樣，無現金支付方式的使用正在迅速增長。例如，僅去年一年，歐元區無現金支付的數量就增加了近8%，毫無疑問地，其部分原因是日益增長的數字化趨勢。

For now, though, cash reigns supreme as the undisputed number one means of payment for the German general public. They still go delving into their wallets for coins and notes and settle three out of four payments in cash. That is one of the key findings from the payment behaviour study which the Bundesbank conducts every three years, most recently in 2017. German people quite simply like paying in cash.

不過，現在對於德國公眾來說，現金是德國公眾無可爭議的第一支付方式。他們仍然在錢包里尋找硬幣和紙幣，並用現金支付四分之三的支付。這是德國央行每三年進行一次支付行為研究的重要發現之一，最近一次研究調查是在2017年。德國人就是喜歡用現金支付。

As mentioned at the start, Japan and Germany are very similar in this respect. Figures vary from one source to the next, of course, but I have read that cash is used in between 62% and 80% of transactions in Japan – and that is not too far off the German figures.

正如一開始提到的，日本和德國在這方面非常相似。當然，不同來源的數據各不相同，但我了解到日本62%至80%的交易使用現金—這與德國的數據相去不遠。

Yet, the picture is also changing in Japan. For instance, your Prime Minister has announced plans to increase the share of cashless payments to around 40% by 2025.

然而，日本的情況也在發生變化。例如，你們的（日本）首相已經宣布了到2025年將無現金支付比例提高到40%左右的計劃。

Particularly popular in Germany are proving to be contactless payments using a debit card. Although most of these transactions are still settled in the traditional way with a physical card present, tech-savvy individuals, and frequent and keen smartphone users are increasingly using their phones to pay at the point-of-sale. The topic of mobile payments is gaining more momentum by the day in Germany, and there is little doubt that it will also reduce the use of cash further.

事實證明，使用借記卡進行非接觸式支付在德國尤為流行。儘管大多數交易仍以傳統的方式進行，並展示物理卡片，但精通技術的個人，以及頻繁而熱衷使用智能手機的用戶，正越來越多地使用手機在銷售點進行支付。移動支付的話題在德國日益受到關注，毫無疑問，它也將進一步減少現金的使用。

Alongside Google Pay and Apple Pay, the German savings banks and cooperative banks have also launched mobile payment methods of their own, for use primarily in peer-to-peer (P2P) payments and as a digital debit card.

除了谷歌支付（GooglePay）和蘋果支付（ApplePay），德國的儲蓄銀行和合作銀行也推出了自己的移動支付方式，主要用於P2P支付和作為數字借記卡使用。

The topic of smartphone payments, then, is being pushed by both bigtech firms and banks. And this is certainly a wise move – after all, smartphones will be more indispensable still among the customers of the future – that is, the younger generation. And precisely for that reason that all providers need to attach particularly high importance to the aspect of security.

因此，大型科技公司和銀行都在推動智能手機支付的話題。這無疑是一個明智之舉——畢竟，智能手機在未來的消費者—也就是年輕一代—中將更加不可或缺。正是出於這個原因，所有提供者都需要特別高度重視安全方面。

Stablecoins: the challenge of Libra

穩定幣：Libra的挑戰

Both banks and central banks are following the plans for the 「Facebook coin」 Libra with great interest.

銀行和中央銀行都懷著極大的興趣關注著Facebook的Libra計劃。

You may recognize that I prefer not to refer to Libra as a currency, as one can often read in the press. In Germany, as in the euro area, only the euro is legal tender – whereas Libra would be privately issued, of course. That is why I would call it a new means of payment.Libra is scheduled to be a 「stablecoin」. These often peg their value to an existing currency or a currency basket. Furthermore, their value is backed by suitable collateral. In the case of Libra, the money which customers use to buy Libra in exchange for legal tender is invested in bank deposits and short-term government securities. The value of Libra is pegged to the value of the reserve built up in this way.

你或許意識到我不喜歡把Libra視作一種貨幣，就像人們可以經常在報紙上讀到的那樣。在德國，和歐元區一樣，只有歐元是法定貨幣—但是Libra卻是私人發行的。這就是為什麼我將之稱為一種新的支付方式。Libra被歸入「穩定幣」。穩定幣的價值通常釘住目前流通的貨幣或是貨幣籃子。此外，穩定幣的價值還有適當的抵押品作為支撐。就Libra而言，客戶用來購買Libra的資金以法幣的形式存儲在銀行和投資短期政府證券。Libra的價值與按此種方式建立起來的儲備價值掛鉤。

As central banks, we are generally open to innovation, but the safety and efficiency of payments must be ensured. In fact, a G7 working group recently already reported to the G7 finance ministers on the potential risks of Libra. However, there is still an extensive list of questions which needs to be answered by the Libra Association before final assessments can be made.

作為中央銀行，我們通常對創新持開放態度，但必須保證支付的安全性和效率。事實上，七國集團的一個工作組最近已經向七國集團的財政部長報告了Libra潛在的風險。然而，在做出最終評估之前，仍有大量的問題需要Libra協會回答。

Right now, though, there is still not enough known to really assess how safe the Libra vehicle would be and how such a global system could be effectively supervised and by whom. Neither the technology, nor the business model, nor the exact rights and obligations of members and users have been determined. Moreover, there are unanswered questions relating to combatting money laundering.

然而，目前沒有足夠的信息去真正評價Libra實現的安全性，以及這樣一個全球系統如何得到有效監管並由誰來監管。無論是技術，還是商業模式，還是成員與用戶確切的權利和義務都沒有確定。此外，有關反洗錢的問題也未被答覆。

There are plans for Libra to be issued by an association comprising not only Facebook but also, when it was announced, 27 other enterprises. Though this network appears to be crumbling a little, the financial firepower of those who are still on board and the reach they command with their existing networks would suggest that policymakers as well as central banks and supervisors would be well advised to take these plans very seriously.

有一個協會發行Libra的計劃，該協會不僅包括Facebook，在它被宣布時，還包括27家其他企業。儘管這個網路似乎有所鬆動，但仍在其中的成員的金融實力與利用其現有網路的影響範圍表明，政策制定者以及各國央行和監管機構都被建議要嚴肅認真地對待這些計劃。

From a central bank perspective, I can assure you that we will apply the complete spectrum of existing rules. Depending on how Libra is designed, it may also be necessary to adjust the current regulatory framework.

從中央銀行的角度來看，我可以向各位保證，我們將應用一系列完整的現有規範。根據Libra的設計方式，調整當前的監管框架或許也是必要的。

This would then also be a matter for policymakers, because we follow the principle that the same business and same risks need to be supervised according to the same rules.

這對政策制定者來說同樣也是有必要的，因為我們遵循的原則是，同樣的業務和同樣的風險需要根據同樣的規則進行監督。

At the same time, however, the Libra initiative has touched a nerve in today』s payments landscape. By this I am mainly talking about the shortcomings in cross-border payment transactions. Costly and slow, cross-border payments still have not really arrived in the digital era. And worldwide, around 1.7 billion adults remain unbanked. This is another challenge we need to tackle with even greater rigour than hitherto.

然而，與此同時，Libra的倡議也觸動了當前的支付領域的神經。現在，我主要談談跨境支付交易的缺點。高成本且速度緩慢的跨境支付尚未真正進入數字時代。在全世界，大約有17億成年人沒有銀行賬戶。這是我們需要以比迄今為止更加嚴謹的態度來應對的另一個挑戰。

Possible answers and conclusions

可能的答案和結論

How do we respond to the challenges presented by digitalisation in payments in general, and in particular to the growing importance of bigtech firms, the Libra project being just one example?

我們如何應對支付數字化帶來的挑戰，尤其如果應對越來越重要的科技巨頭公司，Libra項目就是一個例子？

Calls for central bank digital currency have been increasing of late. Various central banks are analysing the opportunities and risks of central bank digital currency for the general public.

近來，對央行數字貨幣的呼聲日益高漲。各國央行都在分析央行數字貨幣對公眾的機遇和風險。

China』s central bank has apparently already decided to introduce a digital alternative to cash soon, even if some of the technical features are still unknown.

中國央行顯然已經決定，很快它們推出一種現金的數字替代品，即使一些技術特點仍不得而知。

In Europe, Sweden is currently investigating various aspects of a potential launch of a digital currency – the e-krona. It would still be a Swedish krona, only in digital form.

在歐洲，瑞典目前正在研究推出數字貨幣—e-krona各個方面的可能性。它仍然是瑞典克朗，只是以數字形式存在。

One key motivation here, it would appear, is that physical banknotes are gradually disappearing from economic life in Sweden and sometimes are not even accepted in shops any more.

這裡出現的一個關鍵動機是，物理鈔票正逐漸從瑞典的經濟生活中消失，有時它甚至不再被商店接受。

As a member of the Eurosystem, the Bundesbank is following these developments very closely, and we have been investigating what central bank digital currency really could achieve by assessing its opportunities and risks.

作為歐元體系的成員，德國央行正密切關注這些發展，通過評估數字貨幣機遇和風險我們一直在研究央行數字貨幣能夠真正實現什麼。

A distinction must be made here about what is intended. Should central bank digital currency only be issued to current monetary policy counterparties or to the general public as well? Besides the question of why the introduction and issuance of digital central bank currency is necessary or advisable in the first place, there is also the matter of the possible implications. The main thoughts that spring to mind here are the possible effects on the banking system, financial stability and monetary policy.

這裡必須區分目的是什麼。央行數字貨幣應該只向貨幣政策對手方發行，還是向公眾發行？除了首先為什麼需要引入或發行央行數字貨幣這一問題外，還有可能產生影響的問題。這裡首先湧入腦海的是，對銀行體系、金融穩定和貨幣政策可能產生的影響。

Currently, we simply know far too little to be able to single out central bank digital currency as an appropriate answer to the challenges that lie ahead in the payments space.

目前，我們知道太少，無法單單挑出央行數字貨幣作為應對支付領域未來挑戰的最佳答案。

Consider, for instance, that competition with central bank digital currency might make customer deposits a more expensive source of bank funding and thus continue to squeeze banks』profitability, with potential implications for bank lending. Or the concern that the introduction of central bank digital currency for the general public would create a safe store of value, making it easier for people to 「flee to safety」.

例如，考慮與央行數字貨幣的競爭可能使銀行融資途徑之一的客戶存款變得更加昂貴，因此繼續擠壓銀行的盈利能力，從而對銀行放貸產生潛在影響。或者，人們擔心，為公眾引入央行數字貨幣將創造一個安全的價值儲備，使人們更容易「逃到安全地帶」。

Depending on the concrete design, in times of crisis economic depositors might feel tempted to quickly shift large volumes of deposits into safe central bank digital currency, in a move which would ultimately have the same effect as a bank run and could thus put financial stability in jeopardy.

根據具體設計，在經濟危機時期，儲戶可能會傾向於迅速將大量存款轉換為安全的央行數字貨幣，此舉最終將產生與銀行擠兌相同的效果，因此可能威脅金融穩定性。

Furthermore, it is also worth considering how we can improve upon our traditional payments set-up as a way of eliminating the shortcomings in global payments I mentioned earlier on. One idea that springs to mind is that keeping the national payment systems open around the clock might remove some obstacles. And given that innovative instant payment systems are already being set up in many parts of the world – why not think about maybe linking them up or using them for cross-border payments?

此外，還值得考慮如何改進我們傳統的支付設置，以消除我前面提到的跨境支付方面的缺陷。我想到的一個主意是，國家支付系統全天候開放可能會消除一些障礙。鑒於全球許多地方已經在創建創新的即時支付系統—為什麼不考慮將它們連接起來或將它們用於跨境支付？

At the Bundesbank, we would prefer to see the response to the challenges presented by Libra and bigtech firms come from the private sector. After all, it is clear that there is mounting demand for customer-friendly and widely useable payment services.

對德國央行而言，我們更希望看到對Libra和科技巨頭公司提出的挑戰的回應來自私人部門。畢竟，很明顯，對客戶友好且可廣泛使用的支付服務的需求在不斷增長。

That is why there are ongoing deliberations in Europe regarding the creation of a European payment solution. Financial institutions in Europe – with backing from the central banks – are sketching out ideas for a pan-European payment system that can be used in a wide variety of payment situations – from the point of sale to the online checkout.

這就是為什麼歐洲一直在考慮關於歐洲支付解決方案的創建。歐洲的金融機構—在各國央行的支持下—正在勾畫出一個泛歐支付系統的想法，該系統可用於各種各樣的支付場景——從線下銷售點到在線結賬。

After all, one thing holds true in both Japan and Germany: a digital economy needs efficient, quick and competitive digital payment methods. And if one day machines are able to pay autonomously, it is safe to say that they won』t (Tonne) be using cash, payment cards or traditional online banking.

畢竟，日本和德國都適用一件事：數字經濟需要高效、快速和有競爭力的數字支付方式。而且，如果有一天，機器能夠自動付款，那麼就可以肯定地說，它們不會（成噸）使用現金、支付卡或傳統的在線銀行業務。

And coming back to the similarities between Japan and Germany I spoke about at the beginning of my speech, the creation of more efficient, safer and user-friendly digital payment methods might further reduce the importance of cash in both Japan and Germany.

回到我在演講開始時談到的日本和德國之間的相似之處，更有效、更安全和用戶友好的數字支付方式的創建可能會進一步降低現金在日本和德國的重要性。

That said, I am certain that the passion for beer will probably endure, even in a digital future.In closing, I now look forward to exchanging ideas with you and to an enjoyable end to the evening here at the German Institute for Japanese Studies.

話雖如此，我確信，即使在數字的未來，對啤酒的熱情並不會改變。最後，我期待著與你們交換意見，並在這裡德國日本研究所度過一個愉快的夜晚。

Thank you for your attention.

感謝你的關注。