BIS Review 13/1998  -9-  appreciation phase have spooked the market? There are no answers to these “what if” questions, but it seems naive to argue that markets would have maintained a smoothly-evolving equilibrium exchange rate through the extraordinary changes of the 1990s.
I look forward to an active participation of the European Commission. At present, financial inclusion is lower in those countries which make less use of cashless retail payment instruments.7 Giving more people, especially those on lower incomes, access to financial services not only adds to economic growth, but also plays a part in reducing income inequality and poverty.