We have to address our reliance on the export of primary commodities given the boom of commodity prices is over. At the same time, efforts should be made to address our heavy reliance on energy and food imports. BIS central bankers’ speeches  3  25. In the financial sector, financial market reform is also imperative.
For example, some services offer real-time funds availability to certain consumers, but they conduct interbank settlement on a deferred basis using legacy systems. This type of settlement entails a buildup of obligations—like IOUs between banks—that could present real risks to the financial system in times of stress. These are not resilient long-term solutions for our dynamic economy and the banks that support it.