While they give the market room to innovate, these two models may not achieve widespread distribution to end users or sufficient interoperability, which would hamper the end-user experience and financial inclusion. One could also imagine an alternative distribution model in which the Eurosystem would provide the full payment product in an end-to-end solution.
*  *  *  On behalf of the Federal Reserve, I am pleased to join Secretary Paulson and my fellow bank supervisors today. Financial markets continue to show the ill effects of turmoil triggered by mortgage losses. The real economy is underperforming in terms of growth and job creation, a result in part of financial strains.