There is consensus that this model has given rise to substantial results, not least an infrastructure which safeguards important social considerations, while also providing for active competition between participants. The challenge for Norges Bank will be to fulfil its licensing and supervisory responsibility in such a way that self-regulation may be maintained, but which also allows us to move in the right direction in terms of both risk (reduction) and efficiency in the interbank systems. 4.2. Norges Bank’s responsibility  That Norges Bank has responsibility in connection with the payment system is not new to this bill. Under the Norges Bank Act, Norges Bank shall promote an efficient payment system domestically as well as vis-à-vis other countries. This formulation requires us to balance risk against efficiency. Norges Bank also serves as settlement bank for the banks. Norges Bank has, as a result of this function, set requirements on the banks and their clearing systems, with particular emphasis on risk-reducing measures. As a future licensing authority for the interbank systems, we will have to strike a balance between risk and efficiency in our assessment of the systems. In the following, I will provide a few observations on our new responsibility before commenting on the licensing process itself and the requirements which must be placed on the systems. Given that the law has not yet been adopted, this is of course somewhat speculative. We are highly aware that the law is to be supplementary to the approach of self-regulation.

Zeti Akhtar Aziz: Global financial stability and the internationalisation of financial systems in emerging economies Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the EuromoneyQatar Conference “Global financial stability and the internationalisation of financial systems in emerging economies”, Doha, 11 December 2012. *  *  *  It is my honour to be here in Doha to speak at this Euromoney-Qatar Conference on “Global Finance Re-designed”. I wish to thank the Qatar Central Bank for the invitation to speak at this event. In this current global environment, the unprecedented and wide ranging global policy responses have yet to produce financial stability and a sustainable recovery of the global economy. The intensification of the globalization of finance in this decade has resulted in an even more connected and interdependent world. While the financial systems and economies in most parts of the world felt the effects of the recent global financial crisis, it has not discouraged the pace of internationalization of financial systems, in particular, in emerging economies. My address this morning will be on financial stability and the internationalization of financial systems in emerging economies. My remarks will cover the benefits and challenges of such internationalization, the lessons that can be drawn from the recent global financial crisis, the Malaysian experience on the internationalization of our financial system. Benefits and challenges of internationalisation of financial systems While there are significant benefits from internationalization of financial systems, the resulting increased international financial integration brings with it new risks and challenges.