The timing and degree of any such withdrawal will be weighed carefully against global and domestic developments, including the evolution of imbalances in the household sector.” Our current guidance indicates that some policy action may be necessary, encouraging a degree of prudence in household borrowing.
Turning to wholesale payment systems, here too we are seeing innovation and growth. Wholesale payments are in large part related to the settlement of financial market transactions, including foreign exchange, equities, debt securities and financial derivatives.