Developing a ZARONIA term rate is dependent on the derivatives market building sufficient liquidity to underpin the  18  Working Group on Sterling Risk-Free Rates (2020), Use cases of benchmark rates: compounded in arrears, terms rate and further alternatives  Page 9 of 12  term rate.
The closely linked financial markets have changed the monetary transmission mechanism, and shocks that occur in one country can easily have an impact on other countries. As a transition phase of or perhaps as an alternative to globalisation, considerable emphasis has been placed on closer international co-operation, convergence and integration since the end of World War II.