They were regularly the subject of controversy and have been repeatedly adapted and reformed over time. A frequent criticism was that the fiscal rules might be an impediment to public investment. Others criticised the rules as being overly complex and opaque. In my view, the fiscal rules were better than their reputation – at least when we look at their substance.
I do not believe that the market for new retail electronic payment services reflects the existence of market failures that would suggest a need for direct Federal Reserve operational involvement. These products, and the markets in which they operate, appear to be evolving adequately on their own, just as the credit card, debit card, and ATM networks evolved without a Federal Reserve operational presence.