Failing timely settlement, they too might be unable to meet their obligations, raising the prospect of gridlocks of potentially significant proportions. In recent years, the Committee on Payment and Settlement Systems has made many concrete proposals as to how these systems might be strengthened.
While the focus has been on the timely settlement of large-value transfers, issues relating to retail payment systems (especially the implications of electronic money)42 have also begun to receive attention. Typically, the action needed requires cooperation between the public and private sectors, but as far as possible the private sector has been encouraged to help itself.