A second assumption needed to justify a special role for asset prices is that monetary policy cannot appropriately deal with the consequences of a burst bubble, and so preemptive actions against a bubble are needed. Asset price crashes can sometimes lead to severe episodes of financial instability, with the most recent notable example among industrial countries being that of Japan.
Any providers of payment services that are not authorised by PAN are operating illegally and we therefore call on any payment service providers to please enquire at this office. It is with great pleasure therefore, that I commission the office of PAN together with its new logo and website.