For the latter pillar adequate procedures of oversight are necessary in order to ensure a well-functioning technical basis. So how do we go about strengthening the payments systems infrastructure to make it more stable? In the light of what I said earlier, I suggest we need a strategy that recognises that the pace of change is extraordinary, ongoing and irreversible.
The strategy also needs to take into account the fact that transactions are becoming increasingly complex and interdependent and involve an ever-widening and changing range of participants. This reality has three strategic implications. First, the strategy must be comprehensive across sectors to cope with interdependencies. This means that we should not tackle payment systems in isolation.