As a result, the distinction between information flows gathered for monetary policy and financial stability purposes is now far less distinct. There is now a greater focus on financial system information and financial market data in monetary policy formulation, triggered by the breakdown in the forecasting performance of structural and statistical models.
Regional payment systems enable settlement of cross-border transactions faster without having to rely on intermediary banks outside the region. This offers several advantages to countries in the region in terms of cost savings and transaction time.