Then, central banks replaced paper-based ledgers with digital systems. Also in terms of settlement methods, central bank payment and settlement systems, which used to be based on “designated-time net settlement,” recently adopted “real-time gross settlement” (RTGS). Such developments suggest that central bank payment and settlement systems will continue to change in the future. II.
Meanwhile work is being done, in international institutions and fora – such the IMF and the Financial Stability Forum – to analyze the causes of the financial market turmoil and propose policy directions to strengthen financial resilience.