[41]See, for instance, Warnock, F. and Warnock, V. (2009), “International capital flows and U.S.  interest rates”, Journal of International Money and Finance, Vol. 28(6), pp. 903–919; and Beltran, D., Kretchmer, M., Marquez, J. and Thomas, C. (2013), “Foreign holdings of U.S. Treasuries and U.S. Treasury yields”, Journal of International Money and Finance, Vol. 32(C), pp. 1120–1143. [42]See Cœuré, B.
The fourth line of defence involves governments applying clear and harmonised procedures to resolve matters when insolvencies of systemically important financial institutions occur. How is the global financial architecture changing? On the institutional side, we are seeing many encouraging developments, both globally and across Europe. In fact, some far-reaching changes in the global financial architecture are unfolding.