Whether the agents in the payments market are banks, specialised payment service providers or multinational technology companies, authorities have a responsibility to safeguard against systemic stability problems. Regulating and monitoring of risks will remain as important in the future as today.
There are many paths of policy interest rates that are consistent with maintaining price stability over the medium term. In choosing among these various paths, policy-makers may seek policy settings that contain the emergence of financial imbalances, so as to impart greater stability to the economy as a whole.