While I have been a member of the Board, I have from time to time heard some  BIS Review 5/2003  3  question the wisdom of our central bank’s being involved in supervision and regulation and continuing to provide payment services, particularly retail payment services. To my mind the events of September 11 should put such question to rest.
From our experience, we should recognize the benefits of a central bank that can influence the economy and enhance financial stability through several mutually reinforcing tools. A third lesson is that having diversified forms of risk intermediation makes the financial system more robust.