because in each individual case the argument has to be made. but if it is accepted that codes and standards are likely to reflect different stages of development, then it is even more important that countries make clear to which codes and standards they are actually adhering. that is why countries should not be able to opt out of " transparency about transparency ". following the production of pilot transparency reports on a number of countries, including the uk and argentina, the imf has now made rapid progress in producing reports on the observance of standards and codes ( roscs ). as of april 2001, 110 rosc modules had been completed for 43 countries, of which 76 have been published covering 31 countries. india has recently had a rosc published on fiscal transparency. it is critical that monitoring of the observance of standards and codes be fully integrated into imf surveillance under article iv. here implementation is urgent. in the field of transparency, the key elements of the new partnership are, first, a commitment by emerging market economies to implement transparency about transparency by publishing roscs, and, on the part of the international community, new opportunities for emerging markets to engage in the process of constructing and developing codes and standards. there is encouraging evidence of greater collaboration and consultation between developed and developing countries in the design and implementation of the core standards – for example, on banking, securities and insurance regulation, data, payment systems, insolvency and transparency of monetary, fiscal and financial policies. that is all to the good and there is further to go. it is crucial that we find new ways of involving emerging market countries in the process of designing and implementing standards and codes. in this area, ownership is all. transparency cannot and should not be imposed on any country. countries themselves benefit most from being transparent and releasing the reports of assessments by the imf about their financial systems. and the enthusiastic embracing of transparency by a number of emerging markets has paid off in terms of better relations with creditors. ultimately, the most successful route to enhance the influence of emerging markets on the development of standards and codes is to strengthen the role of the imf and the world bank, the twin institutions that can claim legitimacy through the membership of 183 countries. under british chairmanship, efforts have been made to increase the effectiveness of the meetings of the imfc which represents all countries around one table. private finance and public funds the second main area in which further progress is required is the resolution of crises. the problem would be

##mittances - in - recent - history fsb report on enhancing cross - border payments : https : / / www. fsb. org / wp - content / uploads / p090420 - 2. pdf all speeches are available online at www. bankofengland. co. uk / news / speeches the covid - 19 crisis has accentuated these trends and brought new challenges. the covid - 19 crisis has accelerated these trends. temporary closure of shops and restaurants, or the desire to socially isolate led people to increasingly turn to online shopping. and many shops are encouraging contactless forms of payment over the use of cash. in the uk, data from link, the uk ’ s largest cash machine network, suggests that cash transactions have plummeted. since the uk lockdown began ( 24th of march ), atm cash withdrawals in the uk have dropped by around 60 %. 4 a recent link survey found that 75 % of survey respondents are using less cash than before the crisis. 5 and online sales have taken off, jumping to 30 % of total retail transactions in the uk in april 2020 from just over 18 % a year earlier. 6 to make these stats more real, my parents have for the first time in their lives begun shopping for groceries online. now, i don ’ t know whether my dad ’ s extreme grumpiness about having someone else pick his produce means he ’ ll return to shopping in - person once it ’ s safe for him to do so or whether the convenience of having someone arrive at his door with his groceries will win him over. in time, we ’ ll see how enduring the broader shifts are. indeed, in that same link survey, 76 % of respondents said that the coronavirus crisis will affect their future cash use. internationally, covid - 19 has also exacerbated challenges in sending remittances. 7 and many countries, advanced and developing, has necessitated sharp increases in government to person payments – raising new challenges. 8 4 link : coronavirus crisis means cash use down but uk still withdrawing £1billion from atms each week : https : / / www. link. co. uk / about / news / coronavirus - cash - usage - data / see link article above. ons : internet sales as a percentage of total retail sales : https : / / www. ons. gov. uk / businessindustryandtrade / retailindustry / timeseries /