The Board also considered stepping back from formal regulation and relying instead on undertakings from industry, including an undertaking that average interchange fees would not rise in the absence of regulation. However, the industry was unable to arrive at suitable undertakings, and that approach was not adopted.
Globalisation is indeed a process of overall economic integration, and not only the integration of financial markets. However, in the financial markets, the process of globalisation is, at this stage, a few steps ahead and perhaps much more advanced than in the markets for goods, services and labour.