In this respect, the Asian economies must endeavor to rectify these and other problems, not only individually, but also on a collaborative basis by recognizing the whole Asian region as one single market.
As for the direction of the action to be taken, we should in particular build an infrastructure for ensuring efficient and safe cross-border payment and settlements, and expand measures to maintain market liquidity even in times of crisis.8 There are two conceptual issues to be considered when designing Asia’s future cross-border payment and settlement system.