L1: Central bank (implements monetary policy)
L2: Member banks (have accounts at the central bank)
L3: Non-member banks
L4: Clearing house, SWIFT, etc. for interbank payments
L5: Credit card networks
L1: Central bank (implements monetary policy)
L2: Member banks (have accounts at the central bank)
L3: Non-member banks
L4: Clearing house, SWIFT, etc. for interbank payments
L5: Credit card networks