Nonetheless, over time, a stronger financial system may require changes in the way borrowers and lenders use these markets, as well as in the settlement infrastructure operated by the clearing banks. More generally, both the operational performance under stress of key payment and settlements systems and their ability to manage counterparty and market risks are critical to the stability of the broader financial system.
Unlike many of the present-day emerging market economies (EMEs), they were not expected to engage in persistent sterilized interventions in an effort to subvert the price adjustment process.