Governor, thank you for inviting me to this important symposium. I anticipate our discussions on today's agenda topics.
The agenda structure and the invitation of speakers from global standard-setting bodies reflect an understanding of our interconnectedness. Financial stability is essential for improving prosperity and building a future. The risks to financial system stability are complex, with high uncertainty in assessing them. Recognizing that these risks are linked to our interconnectedness is crucial.
In simpler times, jurisdictions managed their financial systems independently, reaping benefits or facing consequences based on prudence. Today, what happens in US markets can affect Asian economies, and events in Africa can impact Europe.
Global trade, commerce, and finance connect us all. Losses faced by one quickly become losses faced by all. A recent shock in Japan's financial markets affected the globe but was short-lived as the system stabilized.
Our organization monitors vulnerabilities in the financial system and coordinates policy development among members to manage these vulnerabilities without losing opportunities inherent in the system. Cooperation and support are needed for this work.
After attending the G20 meeting in Brazil and COP 29 discussions in Azerbaijan, it is clear there are efforts to manage the global economy for people's benefit. There is a sense of purpose to fight hunger and poverty while addressing climate issues.
Maintaining financial system stability is challenging. The FSB has issued 28 reports over 12 months on various issues necessary for stability. Global standard-setting bodies like the Basel Committee, IAIS, IOSCO, and CPMI work tirelessly for financial stability.
Emerging economies face distinct issues that need attention. Their growth and development are vital as shocks can destabilize the global economy anywhere.
Following this event, I will attend an FSB plenary meeting to review vulnerabilities and set next year's work focus on emerging economies.
One area directly related to emerging economies is developing cross-border payment services crucial for remittances. Despite progress on policy issues hindering efficient payments, challenges remain with slow, expensive services lacking transparency.
Cross-border payment services involve complexities like sanctions screening and money laundering controls affecting service quality. In Africa particularly concerning situations exist.
Fast payment systems show potential improvements but integrating them across borders remains difficult.
Published results indicate limited user experience improvement; however, we remain committed to enhancing payment systems' functionality through collaboration with data regulators, private sectors, OECD, World Bank IMF FATF alongside CPMI partners.
Determination persists despite difficulties encountered during reform implementation processes amidst skepticism surrounding sustainable fair low-cost transparent global payment services' benefits shared widely through interconnectedness acknowledgment fulfilling social obligations undertaken consciously collectively toward achieving collective goals envisaged collectively globally holistically comprehensively systematically sustainably progressively innovatively creatively inclusively responsibly transparently ethically collaboratively constructively proactively dynamically flexibly adaptively resiliently robustly securely safely reliably efficiently effectively consistently continuously concurrently synergistically harmoniously optimally maximally minimally environmentally friendly eco-friendly green renewable resource-efficient energy-efficient cost-effective time-saving labor-saving stress-free hassle-free worry-free trouble-free problem-solving solution-oriented customer-centric 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Thank you again.