BIS Review 87/2000  2  I am not in a position to determine for each private-sector firm how to balance these two goals. Managers and directors of these businesses are closer to these decisions and bear greater direct responsibility for the success of the institutions they guide.
However, all firms interested in participating in the payment system will have to recognize explicitly the challenge of maintaining the existing system while building the new one. Lessons for public policy What are some of the lessons for public policy that we have learned from our experience with electronic payments since the 1960s?