Conversely, “judgement-based risk management” has become extremely important. However, despite an active exchange between modellers and macroeconomic experts, economic forecasts for 2009 and 2010 have repeatedly been revised downward since last autumn as downside risk has been realised both in the euro area and globally.
The Reserve Bank is working on the next Payment Systems Vision document. In this context, it is also imperative that market participants also continue to take serious interest in developing the payment systems. That will need quite a catalytic efforts from common interest groups.