Updates on the Economy and the Federal Reserve’s Payments System Improvement Initiative 03-30-2017 Tenth Annual Risk Conference: “Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy”, Co-hosted by the Federal Reserve Bank of Chicago and DePaul University’s Center for Financial Services, Chicago, IL

Loretta Mester

No 81, Speech from Federal Reserve Bank of Cleveland

Abstract: Technological change is very apparent in the payments system. This morning, I will focus a large portion of my remarks on an initiative that the Federal Reserve is leading to address the rapidly changing landscape in the payments industry in the U.S. This initiative is a collaborative effort between the Fed and a broad array of private-sector participants, and aims to improve the speed, efficiency, security, and ubiquity of the U.S. payments system. I am happy to say that the effort has made significant progress and that several important milestones will be reached this year. But before I turn to payments, it behooves me to say a little bit about the economy in which the payments system plays such an important role. I should add that what I say today about payments and about the economy are my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.

Keywords: Payment systems; economic growth (search for similar items in EconPapers)
Pages: 14 pages
Date: 2017-03-30
New Economics Papers: this item is included in nep-pay
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