We need to avoid this lacuna by getting the policy authorities to announce the public policy objectives, such as providing safe and efficient retail payment services, enhancing access to finance and financial inclusion, offering payment services at affordable prices, preserving customer and user rights, providing a legal and regulatory framework and supporting the development of effective standards and infrastructure arrangements. BIS Review 61/2008  5  4.3.4 Customer-centric strategy and fair treatment to customers: Retail payment reforms should go beyond the current requirements and be able to cater to future requirements, given the rapidly expanding trade and financial transactions in the region – primarily in India and some other countries. The strategy should include guidelines to move towards open and standardized customer-centric systems. The retail payment system operators and service providers should attempt to achieve the following outcomes to ensure that the customer is treated fairly: i. To begin with, relevant initiatives should be embedded in the corporate culture of the organization. This requires leadership at senior management level;  ii. Products and services marketed and sold in the retail payments market should be designed to meet the needs of identified customer groups and targeted accordingly. Customers in different groups should be advised appropriately. This would help to reduce misleading advertisements, which often use various gimmicks to attract customers;  iii. Customers should be provided with clear information and kept appropriately informed before, during and after the point of sale. Products should maintain acceptable standards and meet customer expectations.

For instance, the purchasing managers index for the manufacturing sector rose in both the euro area and Japan in October. Recent statistics thus indicate that international economic activity remains strong and that developments are largely in line with the assessment made in the Inflation Report. This also means that there may be less reason for concern over international developments than has sometimes been the case in recent years,” continued Mr Heikensten. ”With regard to the Swedish economy, we observed in October that economic activity had accelerated again after the slowdown at the beginning of the year. Exports were expected to show strong growth. The investment upturn that began last year was expected to continue, but gradually enter a calmer phase. Private consumption was also expected to rise more rapidly given, for example, a good growth in real wages, expansionary fiscal policy and a gradual increase in employment. All in all, we foresaw a fairly good growth rate and a normal economic cycle, where domestic demand would become more of a driving force. Given this background, we were assuming there would be a turnaround for the better in the labour market," said Mr Heikensten. "New data also largely confirm the earlier picture with regard to economic activity in Sweden. The most recent business tendency survey paints a bright picture of the situation in most sectors included in the survey, and foreign trade statistics indicate stronger growth in exports.