For example, in the SAARC region, we can create a correspondent banking model that will facilitate smaller banks and provide services at lower cost, while also adequately managing risks. One way of doing this can be to designate one bank in each of our countries that will provide correspondent services to all the respondents in their respective jurisdictions.
Of course, the bank will also look closely at the different national recovery and resolution conditions. And they have only been marginally harmonised, so there is no uniform toolset for crises. For instance, I have sorely missed the opportunity to declare a moratorium recently. The examples I have mentioned show how many national barriers are still blocking the way to a European banking market.