Bearing this in mind, we need to listen carefully to diverse opinions with open minds. Even as we do so, however, it goes without saying of course that we must continue to uphold our fundamental principles as the central bank.
The interconnection of financial markets also arises because an important source of traffic in many “domestic” systems is the settlement of the domestic element of cross-border transactions; and as we continue to reduce the risks that arise when settling these international trades, we will find that our actions inevitably have the effect of making settlement in different countries more inextricably interdependent.