2  BIS central bankers’ speeches  I will not go into details here, but issues such as strengthening the plumbing of the financial system though, for example, further improvements in foreign exchange settlement, and enhancing the framework for resolving cross-border failures of financial institutions must not be forgotten as well.
Concluding remarks Already forty years ago, the Nobel Prize-winning economist Sir John R. Hicks predicted that in a globalized financial market “a national central bank will no longer be a true central bank,” but will become “single banks in a world-wide system.” Whether we like it or not, this is clearly the direction we are heading. BIS central bankers’ speeches  3