The transition to the new payment standards under the Single Euro Payments Area, which will be completed by 1 February next year, is an important element. It affects firms, consumers, banks and other payment service providers.
Against this background, it is hardly surprising that people sometimes hope that the Reserve Bank will take action to stimulate economic growth by printing money. Some people think that, as a former Cabinet Minister, my appointment heralds the start of a cheap money era in the Bank. I must say it here, loud and clear, they are wrong.