When firms purchase raw materials and sell products, or when households receive wages and salaries, purchase goods, and remit money, all these activities are based on the assumption that payments and settlements of money are effected smoothly - in a manner that people would not even be conscious of it.
Therefore, both public authorities and the financial market participants have a collective responsibility to do whatever is needed to address weaknesses in the regulatory and supervisory framework in order to provide sounder foundations to our financial systems. Let me now stress some of the areas in which substantial work has been achieved to design and implement reforms.