This book reflects the continuing and increasing interest of the IMF in payment systems issues, from a public policy perspective. The book originated in aset of papers prepared for the information of the IMF Executive Board and staff. It provides a broad overview of the main policy and strategic issues in payment system reform being addressed by countries around the world. It also describes the structure of various payment systems, particulary those that handle large-value and time-critical payment. The book highligts that in payment systems policy there are areas in wich a general concensus has emerged, but also aspects for which countries have different practices. It then indicates the direction for the future payment system policy analysis and research. (cited from foreword)