These changes are primarily evolutionary -- driven by advances in technology, by industry consolidation, and by regulations that now permit interstate branch banking. They do, however, provide the opportunity for revolutionary responses that may, with time, dramatically alter the face of the payments system. We need to understand and help to beneficially shape these forces.
We consider financial stability to exist when we have a financial system that is resilient to systemic shocks, facilitates efficient financial  1  Johannesburg Stock Exchange T+3 Project Overview and Frequently Asked Questions, August 2016. BIS central bankers’ speeches  1  intermediation and mitigates the macroeconomic costs of disruption in such a way that confidence in the system is maintained.