23 This includes a more thorough discussion on the design features of universal reserves that could potentially  help mitigate a destabilising shift away from bank deposits. 24 Interbank rates can also be steered towards the main refinancing rate in an environment of excess reserves. But this requires additional liquidity-absorbing operations.
The MacKay Task Force says this means we should enhance competition in the financial services industry. How? Primarily by reducing restrictions on existing providers of those services and by encouraging new players to enter the field. Members of this audience know that one of the proposals for strengthening the position of existing participants is to give credit unions the option to form cooperative banks.