Without such a payment-versus-payment service for foreign exchange transactions, the global financial system would have been in deeper turmoil through the amplification of counterparty risk due to further risks associated with time zone differences. Of course, it is a hard fact that various limits exist in international coordination.
First, measures to stabilize the financial system in each country have hastily been introduced without necessary harmonization between the countries. That has created some gaps in the range of government guarantees for depositors and creditors between the countries, thereby triggering sudden international shifts in deposits.