A fortiori, it is therefore impossible to pick up the policy mix that is best suited to the economic circumstances. This undoubtedly casts a shadow on the feasibility of an active and explicit coordination of monetary and fiscal policy. The second “practical” argument is in my opinion even more powerful.
But, competition notwithstanding, at the highest industry level it is important that the views of all stakeholders are taken into account when decisions are made about the future architecture of the payment system. The establishment of Payments NZ improved governance of the payment system and paved the way for a more open and competitive payments industry.