The financial systems of the world are today in most countries entirely based on electronic data processing technology, and any major hitch in these systems will obviously have serious implications for financial markets, and therefore for total economic activity. I referred to possible knock-on or chain effects in the global financial system, and the danger of global contagion from one or more infected centre.
This danger of contagion is of course, equally important in the case of any domestic financial system. Because of the inter-dependence of financial institutions in any closed system, care must be taken that all the financial institutions in each country will be compliant by the end of this year.