The Reserve Bank’s role as a regulator of retail payments systems was established following the report of the Wallis Inquiry in 1997. Like Murray, the Wallis Inquiry was about more than just payments. It was about the financial system as a whole, and Wallis took a holistic approach to understanding the role of payments within the wider system.
•  Let’s now turn to my second example. One of the German banking system’s fortes – its large number of smaller credit institutions operating directly within the regions in which they are based – might undermine stability precisely when interest rates climb more briskly and more strongly than anticipated.