Additionally, it incorporates a new policy tool for the Central Bank of Chile, which would be able to engage in repo operations with the Open Market Operations System member entities under exceptional circumstances where the stability of the financial system may be at risk. (iii)  A broader and more efficient large value payment systems that promotes market neutrality and financial stability  Payment systems are essential for the functioning of the economy and the financial system as they allow transactions of persons and companies to be undertaken. The contribution of payment systems to the economy is enhanced when there is adequate interoperability between different payment instruments and the infrastructures that process transactions. Currently, interoperability is somewhat restricted because non-banking institutions cannot participate directly in key financial infrastructures such as clearing houses and the RTGS system. Expanding the participation of the Central Bank of Chile’s RTGS system to nonbanking entities, so far almost exclusive for banking institutions, will encourage competition in the payment service provision markets, improving efficiency, market neutrality and financial stability. 11  In this context, the “Resilience Bill” beforementioned includes provisions that would allow the Central Bank to open settlement accounts and some liquidity facilities to Central counterparties, Clearing Houses, systemic Saving and Credit Cooperatives, and non-banking issuers and acquirers of payment cards. Having this access would, for instance, facilitate the provision of instant payment services for non-banking issuers of payment cards.
Jean-Pierre Roth: Demography and economic policy – the challenges ahead Summary of a colloquium by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, on “Chances et défis du vieillissement” (opportunities and challenges of demographic ageing), at the University of Geneva, Geneva, 10 November 2006. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  What will Switzerland look like in 2050? The demographic changes under way will have a strong impact on the future demographic landscape, with regard to both the working population and the older age segments. The ageing society poses two major challenges for economic policy: ensuring the production capacity of the Swiss economy as well as the continuance of the social security scheme. To address these challenges, an economic policy that promotes productivity increases while guaranteeing economic growth must be implemented with immediate effect. In line with this economic policy, adjustments must be made to our social security system.