The economy can enjoy the fruits of more rapid productivity growth for a while in the form of unusually high levels of production without added inflation or in the form of lower inflation. We realized some of each in the last half of the 1990s after productivity growth picked up.
This speaks to the high value that the World Bank places on payments and financial market infrastructure. Normally, it is easier to speculate about the future than to figure out how to get there. I therefore want to talk about the steps central banks and payment system regulators and supervisors can take in the short term to drive change in the payments area.