Finally, appropriate international standards are the focal point in ensuring an efficient crossborder payments flow. In my view, these three features are the key determinants of a stable and broadly accepted digital currency that fits into the international financial system. Against this backdrop, safe and efficient payment markets must be brought to the next level, in particular for cross-border and cross-currency payments.
The tension caused by substantial deviation from the desired outcome, albeit on account of a concatenation of external shocks of unprecedented magnitude, poses an on-going challenge – with regard to time-consistent policy responses and with respect to communication. But these are matters for discussion and debate at another time. Thank you for your attention. References: 1.