Thus far, principles on standardization could not be agreed in the Euro Retail Payments Board either, due to conflicts of interest between banks and the new payment service providers [screen scraping, among other things]. So, the question remains how standardization can be achieved without creating one dominant force. I will come back to this shortly.
Many foreign governments and central banks, particularly those with sustained current account surpluses, hold substantial international reserves in the form of Treasuries. Foreign holdings of U.S. Treasury securities currently amount to about $ trillion, roughly half of the total amount of marketable Treasury debt outstanding.