Central Banking

Market drives US payment systems - Fed's Olson

In a speech at the First EU/US Retail Banking Forum Conference in Brussels, US Federal Reserve governor Mark W. Olson said the private and public sectors have contributed to a "more efficient national payments system that facilitates greater commerce and innovation".

"If the past is a guide", Olson argued, "geography will continue to decline as an important factor in the national payments system just as it has in other areas of economic activity".

Olson told delegates that the US has evolved t