This factor is particularly relevant for countries like Singapore and Mexico, whose economies are very open, and therefore their performance in many aspects depend critically on the state of the world economy and the international financial markets. *** Let me start by presenting my view on the world economy, focusing on the epicenter of the crisis – the advanced economies.
The case of electronic money helps to illustrate the point I am trying to make. It remains to be seen how popular this form of payment will become in the United States, but the question of whether nonbank institutions should be allowed to issue electronic money is actively being debated in many countries.