Since these groups were first formed, we have seen great progress in building markets and infrastructures designed to facilitate the transition. This year, however, it is finally time for everyone to actively transition away from using LIBOR.
(b) Payment systems issues With regard to euro payment and settlement systems, I should like to draw your attention to recent developments which suggest that many market participants consider the euro a special currency to which the traditional rules applied elsewhere in the developed world would not necessarily be applicable.