This must be done as we adapt to an environment in which the use of digital channels for using payment, investment and lending services is steadily growing. Thus, under the Italian G20 Presidency we will continue to work on the cross-border dimension along the Roadmap that is being defined by the FSB. The second structural challenge we should focus on is climate change.
Adding to upward pressures on the dollar was a severe dollar funding shortage that arose because global banks had been funding long-term asset positions with short-term dollar borrowing in wholesale markets, resulting in a significant funding crunch when these markets froze up. Instead, the main causes of the crisis originated in the financial sector and stemmed from a widespread underappreciation and underpricing of risk.