The first layer I will refer to as the “superstructure” or the physical – what is happening and visible to the naked eye. The second layer is the “microstructure” or the psychology – what is underlying those that can be seen. Let me talk about the “superstructure” first.
***  3/4  BIS - Central bankers' speeches  Let me conclude. Progress in payment systems rests upon mutual trust and multilateral cooperation, both enabling conditions for advancing the G20 Roadmap. Central bank cooperation has a key role to play in developing payments infrastructures; the involvement of governments and private sector stakeholders is also essential to create a sound regulatory and market environment.