Looking ahead, the new prudential practices to be introduced under Basel II will further improve our ability to deal with financial risks and better tailor our prudential requirements to each market's special needs. Another positive development is the diminishing danger of contagion, as we have seen after Argentina's default, which did not lead to widespread withdrawal of funds from emerging markets.
Banks and other payment system participants have plenty of incentives to protect the systems from fraud, and to detect it as quickly as possible when it happens, and the Reserve Bank may not have a great deal to add. The important thing from our perspective is that risks should be managed by those best placed to manage them, typically the banks themselves.