These instruments can be more optimally designed and complemented by multilateral, regional and bilateral arrangements, such as currency swap lines and repo facilities, which played a critical role in breaking the risk aversion spiral in global financial markets and dollar-funding conditions. Finally, let me highlight other areas of opportunity for multilateral institutions and IFIs.
A perspective that also rings true. And which offers us a more optimistic view. First, nations do not just have divergent or competing interests, but also enduring common interests. Indeed, the EU and the UK continue to face very similar challenges and opportunities. Some of which will be discussed today and to which I will return shortly.