If this be so, then whither effective controls? What is the logic in returning “at par” cheques with the legend “not drawn on us” in a CBS scenario? It is, thus, time we really revisited the entire gamut of issues pertaining to continued traditional practices  2  BIS central bankers’ speeches  even under CBS before we proceed further.
4  General challenges ahead  I hope that the new member states will not be perturbed by this. They must not weaken in their convergence efforts.