If we look at global payments systems, the most important aspect is to make transactions faster, cheaper and more transparent. There are already plenty of initiatives, such as SW IFT’s global payment initiative. However, it is also crucial to better link traditional interbank payment systems, especially in industrialised countries, with the smartphone-based payment systems in emerging economies.
In this context, 1/8  BIS central bankers' speeches  externalities and risks need to be correctly priced. Climate change needs to be factored into: How we think about supervising banks and insurers; How the investment fund industry operates; and How interlinkages across the financial sector might amplify climate risks. I will address some of these issues in my remarks today.