While in the past public sector participants generally made proposals and the private sector responded, increasingly the opposite is true.25 This trend is, however, to be welcomed in that it is consistent with the concept that it is the private sector that should be held primarily responsible for avoiding possible failures in private financial markets.
The role of the public sector will increasingly be to ensure that such private initiatives are commensurate with the total 23 24 25  See Committee on Payment and Settlement Systems (1996b). For a discussion of such issues see McCauley and White (1997) and Centre for European Policy Studies (1998).