The Committee monitors and examines issues relating to the functioning and stability of financial systems with a view to developing policy recommendations in line with the responsibilities of the members of the central bank community. Much has been said about the possible impact of information technology - computer hardware and software, telecommunication and the internet - on growth, productivity and inflation.
Regarding the eventual macroeconomic outcome of the IT revolution, the jury is still out. And we will probably have to observe developments over a full business cycle before it would be prudent to draw conclusions. However, there is little doubt that IT has fundamentally changed the way economic activity is carried out and organised.