The dynamics of the financial system and the macroeconomy interact with each other increasing the amplitude of booms and busts. The larger is the boom, the larger is the bust and larger is the damage to the economy. Systemic risk management and macro prudential policy 3.
The G20 Roadmap on cross-border payments is an effective framework to facilitate cooperation between all stakeholders involved in interlinking arrangements. Given the importance of business interoperability, in the new phase of the Roadmap, the G20 tasked the CPMI with setting up a governance and oversight framework for the crossborder interlinking of payment systems.