The systemic importance of payments systems
Central banks are increasingly aware of the importance of payments systems to the maintenance of financial stability, the authors of this working paper find.
The paper by Bank of England employees Ben Norman, Rachel Shaw and George Speight was prepared for a panel on "The Evolution of Central Banks: Lessons for the Future" held on 23 and 24 November.
The authors suggest that central banks have come to view payment systems as a key area of strategic interest, not only for the implementation of
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