With technological advancement, it is today quite a complex collection of disparate arrangements, with different participants, different rules, and different processes in each place, but which all ensure quicker flow of money. Payment systems, therefore, have implications for the play out of monetary policy, and, therefore, form an important part of a central bank's mandate.
We have built a remarkable common ground of shared experience, mutual understanding and trust – in which today’s consultation does not need a long preamble because it follows naturally from yesterday’s discussion – that has facilitated action in many directions. We have intimately cooperated in ways that cannot be easily integrated into theoretical models.