Papaconstantinou urges interoperable cross-border payments
Bank of Greece Deputy Governor Christina Papaconstantinou urged interoperable payment systems to counter fragmentation. She spoke at the Bank of Spain's 10th Conference of Mediterranean Central Banks in Roda de Berà on October 2, 2026.
Upgrade where possible, build where necessary
Papaconstantinou said user needs, identified inefficiencies, benefits and resource constraints must guide choices between upgrading existing systems and building new infrastructure.
TIPS illustrates gains from targeted improvements, while legacy systems can reach limits that require new solutions.
Central banks must combine technology neutrality with investment in interoperability, common standards and cross-border cooperation.
The Eurosystem's Appia initiative explores distributed ledger technology, tokenisation and central bank money in a future European financial ecosystem.
It seeks to address structural inefficiencies while preserving public policy functions, strategic autonomy and integration rather than isolation.
Shared rules against regional silos
International forums build trust, promote common standards and anchor innovation in cooperation, Papaconstantinou said.
Shared rules, messaging formats and governance support efficient, resilient networks rather than regional silos.
She cited progress under the G20 Roadmap, led by the Financial Stability Board and the Committee on Payments and Market Infrastructures.
Instant payments, tokenisation and potential central bank digital currencies require confidence in legal, operational and governance frameworks to reach scale.
Connectivity as a safeguard
Papaconstantinou presented interoperability as a safeguard against fragmentation.
Active central bank participation protects financial stability, monetary sovereignty, competition, inclusion and security.
Cooperation supports resilience to geopolitical shocks and technological dependencies.