Now, when it comes to policy action, I would argue that the best way to deal with common shocks, such as last year's global economic slowdown and the 11 September events, is prompt response by individual central banks. This response should be based on individual circumstances.
I regret to have to say that while the chip, the internet and the mobile phone have fundamentally changed the way we communicate in the  2  BIS Review 64/2009  last 20 years, modernisation in the way we pay, be it as large companies or as individual retail clients, still have to catch up these developments.