An issue that has been often raised is that if mobile banking has the potential of reaching anywhere, why cross-border remittance through mobile banking is not permitted liberally or why it is not taking off?
I’ll begin by discussing how a growing understanding of the importance of transparency shaped FOMC communication in the years before the financial crisis. Next, I’ll relate how the financial crisis brought unprecedented challenges for monetary policy that required the use of unconventional policy tools, including some barely contemplated before the crisis.