Only a very small proportion of the Bank of Italy’s staff (about 100 people out of 9,500) is directly involved in monetary policy, compared with over 60 percent assigned to payment system functions and some 10-20 percent dealing with supervisory matters. I imagine the situation at other central banks charged with supervisory tasks is similar. Nevertheless, international cooperation in payment systems and banking supervision started much later than in monetary policy. In fact, it was not until the mid-1960s that an international banking system came into existence and international financial markets began to develop.