To illustrate, let me quote Bill Clinton, the 42nd President of the United States speaking at the announcement of their Next Generation Initiative in 1996. Mr. Clinton said, “When I took office, only high energy physicists had ever heard of what is called the world wide web… Now even my cat has its own page!”. That, was only a little over 10 years ago.
These efforts are drawing on international work on resolution strategies led by the Financial Stability Board, as well as similar work that has been undertaken for banks. The second, and related, priority relates to the growing threat to FMIs from cyber attacks.