Indeed, there have emerged many payment instruments in this category such as checks and credit cards, but the effectiveness of monetary policy has not substantially been affected by them. The third case is that non-banks, which are different from incumbent banks, provide their liabilities denominated in sovereign currency units as payment instruments for wider use.
In my talk today, I will look at some key features of global economic and financial integration and elaborate on how the key international fora and institutions in charge of international financial cooperation have responded to this process. The global integration of national economies continues at a significant pace.