For the time being, however, I along with other policymakers at the Federal Reserve have concluded that any decision to reserve the nascent market for smart cards and other forms of electronic money as a province for banks alone might well stifle both competition and technological innovation in this area.
In closing, let me express my appreciation to all those who have played a part in transforming the Bank’s environs, namely the Frank Collymore Hall and the Grande Salle, into an IT learning setting and especially to Janice Marshall who approached me with the idea, and to her staff who were intimately involved in the hosting of this fair.