The Board considers that the industry has made good progress and endorsed the proposal in an announcement earlier this week. There are many details to be resolved that will require the Bank and industry to work closely together over the next few years, within a governance framework that gives appropriate voice to the various stakeholders.
Furthermore, as mentioned in a recent BIS report, liquidity bridges for cross-border payments across central banks may improve the efficiency and effectiveness of the global liquidity pool of banking groups operating in several currencies, and reduce the opportunity costs associated with holding liquidity buffers in multiple currencies.