The issue is, indeed, the object of debate (see E. Gaiotti and A. Secchi, ‘Monetary policy and fiscal dominance in Italy from the early 1970s to the adoption of the euro: a review’, Banca d’Italia, Questioni di Economia e Finanza (Occasional Papers), 141, 2012).
We are also responsible for the core of Australia’s payment system, which allows money to move from one bank to another. As part of this work, we operate the centre of Australia’s real-time fast payments system, which makes it possible for money to move between bank accounts in a matter of seconds at any time of the day or week.