The management of payment and settlement systems is one of the traditional functions of central banks that seeks to ensure financial stability. Similar to the case of other important function, that of lender of last resort, it is wise to ask ourselves whether the central bank is the best...

Central banks have become poles of stability and decisive factors of globalization. Financial stability represents a national issue, a public asset, that requires both an intervention of public judicious authorities and their cooperation with private sector. Given the integration of financial...