Any economic event that pushed the economy slightly away from its equilibrium would set off one of the two self-reinforcing processes I have just described.
What would this potential change in the Bank’s role mean for the CPA? Initial analysis indicates that the CPA’s ACSS exhibits characteristics of a prominent payment system and therefore could be subject to Bank of Canada oversight.15 The vision for the other national retail payment systems is that they, too, would be subject to oversight that is proportional to risks.