4 Suddenly the landscape changed when, triggered by the French Government’s desire to rejoin the currency “Snake” arrangement according to which continental currencies maintained a joint float against the US dollar (the chart of exchange rate movements thus tracing a snake-like appearance), a movement among leading European politicians to create a ‘zone of monetary stability in Europe’ forced the Irish Government to make a choice.
This has involved creating technology platforms, setting up standards, framing procedural guidelines, creating risk management structure, etc. which, in a way has changed the retail payments scenario of the country. Thus initial expectations of the Reserve Bank, have been largely fulfilled. Retail Payment Systems : The Rise of India in the Global Map  4.