Even before the introduction of the euro, the unusual status of a Stateless currency had been underlined, as had the institutional solitude of the European Central Bank (ECB) and the problems posed by the imperfect mobility of capital and labour. The risks inherent in this situation materialised with unanticipated violence during the sovereign debt crisis.
I would also like to mention a couple of new payment-related services underpinned by advances in payments technology and how they may benefit business customers, including the government. Let me start with some background on the Reserve Bank's banking services to set the scene. Background There are two components to the banking services that the Reserve Bank provides the Australian Government.