In a market economy the costs of a dysfunctional payment system could be just as great as those deriving from volatile inflation rates. This was particularly evident in Italy, where at the time the settlement of cheques or the completion of a credit transfer were long and cumbersome processes that involved a fragmented set of bilateral arrangements among banks.
*  *  *  Thanks to the Employers Consultative Association for inviting me to address you as part of your lecture series. I also take the opportunity to congratulate you on the occasion of your 52nd Annual General Meeting. Your anniversary is taking place against the background of an uncertain economic environment and in a complicated industrial relations climate.