They do include a largelyunchanged restatement of the goals we set ourselves a decade ago: They state that a sound and efficient payment system is one: •  that does not generate high levels of risk to participants or to users of financial services, and in which any risks that are generated are managed appropriately by system participants;  •  that can continue to operate without disruption in the event of the sudden financial or operational incapacity of a participant, or following other types of financial crises or natural disasters, etc;  •  that incorporates delivery-versus-payment arrangements where appropriate, and especially with respect to high-value transactions;  •  in which the status of payments is certain at all times, and, in particular, in which the attributes of "finality" and "irrevocability" are supported;  •  in which payment services are efficient and reliable, and are responsive and relevant to customer needs; and  •  that is open, flexible and competitive, with no unwarranted barriers to entry.
So long as market participants expect a positive short-term interest rate at some date in the future, the existence of government debt implies a current or future tax liability for the public. In expanding its balance sheet by open-market purchases, the central bank replaces public holdings of interest-bearing government debt with non-interest-bearing currency or reserves.