necessary, we could cut interest rates further. we could increase the volumes in our asset purchase programme. we could further improve the conditions for our targeted longer - term refinancing operations, the tltros. we have definitely not exhausted all our options. we have scope to take further action, and we will take further action should it become necessary. but it ’ s also clear, as i said, that the negative side effects are becoming ever more pronounced. what ’ s more, in the current environment, with interest rates very low for longer, fiscal policy would have a much bigger impact on the economy than would otherwise be the case. in an emergency, would helicopter money be an option for the ecb, meaning that the central bank would give money to euro area citizens? helicopter money is not something we are considering. but there ’ s something else i ’ d like to make clear. we just decided on a package of measures in september. that ’ s not something you can do every month or two. we shouldn ’ t undermine the package now by speculating about possible next steps. the package is appropriate and we believe that it will be effective. criticism of the package was particularly loud in germany – just as it has been of the ecb ’ s actions more generally over the past few years. can christine lagarde as ecb president repair the relationship with germany? germany is of course very important for the ecb. germany is the biggest country in the euro area, and the biggest economy. we need to pay attention to what is happening in germany and to the public mood. i ’ m sure that president lagarde will manage to build up a good relationship. she has already said that she wants to review the ecb ’ s strategy. what does that mean in concrete terms, and what would you consider to be the priorities? it will certainly cover various aspects. one aspect is price stability – what price stability means and how we define it. it will also cover the symmetry of our aim. our reaction function is another aspect – in other words, how we react when we don ’ t meet our objective. i ’ m sure the discussion will be a lengthy process. it ’ s not something that can be decided in one or two governing council meetings. will it be an extensive undertaking like it was last time, back in 2002 – 03? we will certainly be gathering a great deal of information and input. just look at what the federal reserve is doing. it

. the technology implementation in banks which have shaped the payment system in turn is largely driven by the recommendations of the various committees set up by rbi. payment system modernisation started in late eighties with introduction of micr based cheque clearing in mid eighties. paper based clearing : paper based clearing accounts for 59 % of the total volume of transactions while it represents only 10 % of the total value of transactions. rbi has taken a number of initiatives to promote efficiency in paper based clearing such as widespread use of micr technology at 66 major centres in the country. simultaneously, the introduction of speed clearing in 2008 has facilitated collection of outstation cheques on a local basis leveraging on core - banking infrastructure of banks. speed clearing is currently available in 240 centres across the country. cheque truncation system was operationalised in the national capital region, new delhi in february 2008. chennai has been identified as the next centre for roll out of a grid based cts ( to be operationalised by npci ) which will cover the states of tamilnadu, kerala and karnataka. all activities pertaining to roll out of cts for grid - based cts at chennai have been completed and the system is ready for roll - out by npci. a new automation software package called “ express cheque clearing system ” ( eccs ) has been developed. eccs, being implemented jointly by sbi and npci, would replace the magnetic media based clearing software employed in automation of clearing houses available at 1093 locations. it is expected to be rolled out across all these centres by september 2011 along with the speed clearing facility. electronic payment systems : electronic payment systems accounts for 41 % of the total volume of transactions while it represents 90 % of the total value of transactions. introduction of electronic payment products such as electronic clearing service and electronic funds transfer, which over the years have metamorphosed into national ecs and national eft and rtgs have ushered in new ways of payment processing. national electronic fund transfer ( neft ) : neft was introduced in november 2005 now covers 77, 821 branches and offers eleven hourly near real - time settlements on week days and five settlements on saturdays. one of the unique features of the system is a mandatory “ positive confirmation ” to the originator confirming successful credit to the beneficiary ’ s account. since its inception, the system has witnessed a surge in the volume and value of transactions with 1. 4 million transactions settling on a single day which is the