His worldwide leadership in the area of payment systems received an important recognition when he was nominated Chairman of the Basel Committee on Payment and Settlement Systems, a position that he held from 2000 to 2005. Europe’s resolve to fight inflation and enhance monetary stability was at the basis of the establishment of the EMS in 1979.
I would therefore urge the banking sector to seek diversification of their products in light of the dynamic banking environment to leverage on their growth and earnings. Such diversification of financial services like the Debit Card we are launching today do help to reduce transactions costs.