Network effects are inherent in payment systems and other FMIs, and result in a high degree of systemic risk. If FMIs are not well managed, they can become a conduit for the contagion of shocks across the financial system. This challenge concerns central banks and other payments regulators.
Unfortunately, official engagements with the Malaysian government, which were set only in the last few days, have prevented Dr. Zeti Akhtar Aziz from traveling to Europe for this Seminar.