In the future, it may also be challenged by adverse spillovers of otherwise well-intended government actions meant to protect data privacy and national security. Such spillovers may create new fault lines across the system. 5/7  BIS central bankers' speeches  To better understand these spillovers and to guard against fragmentation, we need strong multilateral cooperation more than ever.
Let’s work together to make our payment systems faster, cheaper and safer – and let’s shield them from the sound and fury of politics. Thank you. 1 I would like to thank Elin Amundsen, Takeshi Shirakami and Morten Bech for their contributions to this speech. I  remain solely responsible for the opinions contained herein.