C.  Interim assessment of the outlook for economic activity and prices  At the MPM held on July 13 and 14, we examined the current condition of the economy and prices and conducted a midterm review of the outlook for economic activity and prices through fiscal 2007, with a view to assessing whether economic and price conditions are likely to follow the path stated in the Outlook Report.
They allow for everyday transactions to take place, thus providing the foundation for commerce and trade. Central banks through cash and banks have traditionally offered these services. And they were successful in creating a secure and trusted payment ecosystem for consumers. However over time the banking ecosystem has developed inefficiencies.