2  BIS Review 137/2007  And finally the ongoing process of significant market correction which we experience since August should trigger a very deep and candid review in all the areas which have a substantial influence on the functioning of the global financial markets. This review process should concentrate on what could be done to promote financial stability and to diminish to the maximum extent possible the elements of procyclicality that may be inbuilt in a large number of fields. The financial stability forum, which has been set up by the G7, under the proposal of Hans Tietmeyer, to draw the lessons of the Asian crisis, is in an ideal position to identify the areas where appropriate improvements could be introduced. I encourage very strongly the Financial Stability Forum and all the Committees that are actively working at a global level, including the Basel Committee, to draw all the lessons of the present turbulences and to examine the situation without any complacency.
Victoria Cleland: Global action to enhance cross-border payments Speech (virtual) by Ms Victoria Cleland, Executive Director for Banking, Payments and Innovation of the Bank of England, at the Silk Road Cash & Payments conference, Almaty, 29 March 2023. *** Cross-border payments are crucial to the smooth functioning of the global economy, and their importance is growing in our ever more interconnected, global digital economy. The value of cross-border payments is forecast to increase from almost $ trillion in 2017 to over $ trillion by 20271. Yet cross-border payments are typically, though I want to stress not always, slower, more costly, less transparent, and harder to access than domestic payments. And this impacts not just big wholesale players but consumer and remittance payments too. There are instances of payments taking up to 10 days2 and costing more than 10%3 of the payment value, and all too often with timing and cost unknown upfront. The G20 made enhancing cross-border payments a priority in 2020 and developed a roadmapOpens in a new window for delivering improvements. Since then, organisations from around the world have come together and made significant strides to lay the foundations for enhancing cross-border payments.