Limited change may be the appropriate response. However, past designs and strategies should not themselves become barriers to the development of future payments systems that are more aligned with new forms of commerce and technology. Another important issue in the post-September 11 environment is the degree of resilience of not only our large-value payments systems but also our retail systems.
In these circumstances, industrial production has been strengthening since autumn 1996. Labor market conditions have been improving moderately on the whole. Prices have stopped declining. Domestic wholesale prices (adjusted for seasonal electricity rates) increased in early April 1997 reflecting the rise in the consumption tax rate. However, the downward pressures remain strong on those such as electrical machinery.