Graph 3  One of the longer-term aims of our reforms is to reduce the distortions in the payments system caused by the pattern of interchange fees. If large differences in the fees in the credit card and EFTPOS systems continue, it is hard to see why in the long run banks would continue to put resources into promoting the EFTPOS system.
A lot has been said and written about the underlying factors that may have caused the euro’s initial depreciation, which should not be over-dramatised. Often cited were the cyclical divergences between the European and the US economies, with a continuing boom over there and a temporary weakening of activity here.