Since then, however, the financial system has become truly global, with banks increasingly 3/7  BIS central bankers' speeches  operating across borders and time zones through participation in multiple payment systems. A key element of many RTGS system modernisation projects is therefore implementing a messaging standard that works across the globe. Of course, migrating from a legacy payment standard incurs costs.
Although (according to the National Bureau of Economic Research) the U.S. economy is technically in a recovery, job losses have remained significant this year, and capacity utilization in the industrial sector (the only sector for which estimates are available) is still low, suggesting that resource utilization for the economy as a whole is well below normal.