This implies that the inclusion of the Chinese renminbi in the SDR basket, highly desirable on economic grounds, may nonetheless need to be postponed until sufficiently developed and open renminbi financial markets exist. It is important now to ask in which ways an enhanced role of the SDR could contribute to address the fundamental flaws of the existing international monetary system.
The governance of T2S is of special importance for us and thus an important element of our work programme. My colleague, Mrs Tumpel-Gugerell and Mr Godeffroy, Director-General Payment Systems and Market Infrastructure, have made presentations before the Parliament this year to present the case for T2S and inform on the governance for T2S.