There are strong arguments for locating the financial stability function within the central bank. Charles Goodhart argues that the essence of central banking lies in its power to create liquidity by manipulating its own balance sheet, i.e. to lend either to an individual bank or to the market as a whole.
Indeed, Greek banks and DIAS –the electronic retail payment system– are working together to be ready to exploit the advantages of SEPA by 2008 and thus reduce considerably the high cost of a cash based banking system while providing more upgraded electronic fund transfer and direct debit services to their clients.