'Elegantly analyses the key questions of cost, efficiency and risk.
Mandatory reading for anyone with responsibilities in an RTGS
system.' - Alfred Steinherr;The payment system is one of the
mechanisms essential to the working of an exchange economy. Over
the last decade, central banks have been determined to improve
their payment systems to harmonise and reduce risk, and in Europe
to anticipate their future interconnection in the TARGET system.
This book provides the analytic framework for an informed policy
debate on the implications for monetary policy.
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