This function could help to better cushion the economy against large macroeconomic shocks that cannot be dealt with at the national level alone. For such euro area stabilisation to work, however, we first need a significant degree of economic convergence and financial integration according to the Five Presidents’ Report.
Payment and settlement systems in India have, and I am sure it is the case in many other jurisdictions too, players that are common across the retail and wholesale segments. Access criteria for membership to the clearing houses that provide the retail products (cheques, ACH, etc.) and eligibility to offer various payment products (pre-paid instruments, mobile payments, etc.)