Given the overall economy’s reliance on the payment system, these private sector activities require a certain degree of public policy guidance. And they also require an increasing amount of public oversight to make sure they take account of the needs and wants of the public at large.
And so, as well as preserving their independence, central banks also need to continue to support and improve the safety, the reliability and the efficiency of the privately operated payment and settlement systems. I’ve tried to shed some light on the history of DNB. And I’ve tried to point out the two pitfalls we have to avoid at present.