Regarding the inputs of production, I have been encouraged by the increase in labor force participation over the past year. After a period of subdued growth, investment was also strong last year, with spending on equipment and intangibles rising 7-1/2 percent, increasing the capital stock and adding to the productive potential of the economy.
The development of a nationwide real-time interbank settlement infrastructure could also support the development of private-sector faster payment services, thereby increasing innovation and choice in the market. Banks and technology providers of all sizes may be able to develop new services or enhance existing services by capitalizing on the underlying interbank settlement  -8-  infrastructure.