We are committed to working with Government to improve the payments infrastructure, including through the reduced use of cheques and cash. This should contribute to speedier, secure settlement of transactions. So why an exhibition celebrating cash? While we aim to decrease significantly the use of cash, we cannot ignore that at present it accounts for a significant percentage of the transactions made in Barbados.
A banking union will only contribute to financial stability if its design preserves sound incentives for all the actors involved. This holds true not only for future risks, but also for risks that have already materialised. After all, a banking union is also an insurance mechanism. And as with any insurance, only future loss or damage that is unknown ex ante should be covered.