The CPSS was established to monitor and analyse developments in domestic payments and settlement systems, as well as in cross-border and multilateral netting schemes. The Committee has done some pioneering standard-setting work in this area, including in the emerging area of emoney. It is no coincidence that the CPSS Secretariat is located at the Bank for International Settlements, our co-host for this seminar.
Personal consumption on average is expected to continue its moderate recovery, reflecting the rise in household incomes and strong demand in areas such BIS Review 10/1997  -2-  as passenger cars and information-related products, although the consumption tax rate hike will exert some negative influences on consumption growth. However, growth in business fixed investment is still checked as balance-sheet adjustment pressures remain strong.