BIS central bankers’ speeches  1  A vision for the payments system In considering a vision for the payments system, let’s take a holistic perspective.1 The oftenused distinction between retail payment systems, which involve many end-users and smaller transactions, and wholesale or interbank payment systems, may not be appropriate when considering a vision for the future.
Second, the implicit insurance provides incentives to engage in risky business that promises high returns. If things turn out well, the bank wins. If things go wrong, the taxpayers lose. The principle of liability has obviously been violated. The crucial question at this juncture is the following: what do we need to do to restore it?