Indeed, the need to have a body responsible for promoting the public interest through competition and efficiency in the payments system was recognised by the Wallis Committee over a decade ago. It led directly to the establishment of the Payments System Board at the Reserve Bank and the granting of its current statutory goals and powers.
The discussion whether SDRs could play a greater role as an international reserve currency has been re-opened during the crisis. In addition, the “New Arrangements to Borrow” boosted IMF facilities by Euro 345 billion (USD 500 billion).