The results are consistent with the idea that financial markets and banks provide useful, but different, bundles of financial services. It is no coincidence that the lack of adequate accounting practices, bankruptcy provisions, and corporate governance have been mentioned as elements in several of the recent crises that so disrupted some emerging-market countries.
"; or "What ways do we have of enhancing the functionality of private digital currency?" This process can offer clues for ways in which payment and settlement systems as a whole can be improved. The Bank will continue to examine CBDC with these two aspects in mind. In this respect, allow me to introduce two of our recent initiatives.