klaas knot : acta, non verba - interlinking fast payment systems to enhance cross - border payments speech ( virtually ) by mr klaas knot, chair of the financial stability board and president of the netherlands bank, at the cpmi ( committee on payments and market infrastructures ) conference on the " progress and priorities on the g20 cross - border payments roadmap ", florence, 11 july 2024. * * * thank you for inviting me to speak today. i am sorry that i cannot be there with you in person. just as rome wasn't built in a day, the splendour of florence didn't arise overnight. both cities are testaments to the power of time, artistry, and persistent dedication. at the fsb, we don't build anything alike – but we are ambitious in a similar way. and we take on projects that reach the same level of complexity. the g20 roadmap to enhance cross - border payments are not immediate and easy tasks. the roadmap is ambitious in its goal to improve the cost, speed, availability and transparency of crossborder payments globally. the complexity of this undertaking cannot be overstated. the cross - border payments ecosystem is made up of countless individuals, businesses, and governments, relying on a network of national and regional payment services providers and infrastructures. and these themselves are subject to the laws and regulations of every jurisdiction in which they operate. as most of you will likely recall, the fsb and our partners, including the cpmi, began this journey in 2020. we spent the first two years exploring a wide range of possibilities to address the frictions that cross - border payments face. this included practical arrangements, operating practices, technological solutions and regulatory changes. the work involved stocktakes and in - depth analyses. and it produced best practices, and recommendations for how to improve existing arrangements and to develop potential new arrangements. in 2021, we published quantitative targets to define the ambition of the roadmap and establish a shared, concrete vision of the goals to be achieved. we then identified the actions we would need to take to achieve the targets by end - 2027. based on this, we transitioned, in february 2023, to a practical implementation phase, consisting currently of 15 priority actions. these priority actions are designed around three interconnected themes. the first theme focuses on improving payment system interoperability and extending rtgs operating hours and access policies.

bank of japan ’ s summary of the annual review of monetary and economic developments in fiscal 1996 bank of japan, annual review 1997. overview japan ’ s economy followed a moderate recovery trend in fiscal 1996. the pace of recovery began to accelerate at the end of 1995, aided by substantially stimulative monetary and fiscal policy measures, and the recovery continued in fiscal 1996. in the second half of the fiscal year, the economic recovery firmed, particularly in private demand, driven in part by the depreciation of the yen since the previous year. with respect to final demand in the first half of fiscal 1996, net exports declined sharply, reflecting such factors as the appreciation of the yen until the middle of 1995 and the increase in imports of manufactured goods from japanese affiliates overseas. however, the economic recovery was underpinned by policy - related demand factors, such as the increase in public - sector investment reflecting the economic stimulus package of autumn 1995, and the high level of housing investment induced by low interest rates. in the middle of fiscal 1996, public - sector investment began to decline gradually from its peak, while net exports, which had been restraining the economic recovery, started to rise, partly reflecting the depreciation of the yen. regarding private demand, business fixed investment increased steadily throughout the fiscal year, reflecting recovery in corporate profits, progress in stock adjustments, and a rise in autonomous investment, such as in information technology, and the increase spread across industries from large manufacturing firms to small nonmanufacturing firms. personal consumption followed a moderate recovery trend in line with a recovery in compensation of employees despite fluctuations caused by factors such as the weather. from autumn 1996, automobile sales, which have a large influence on production, accelerated. housing investment remained high, owing both to the increase in demand ahead of the rise in the consumption tax rate, implemented in april 1997, and to low interest rates. industrial production remained virtually unchanged until the middle of 1996, reflecting the decrease in net exports, and adjustments in the excessive inventories of some producer goods. however, growth in production has gradually gathered pace since the middle of the year, as private demand has increased steadily, net exports have begun to increase, and the increase in final demand has led more directly to a rise in production because of progress in inventory adjustments. at the end of the fiscal year, both industrial production and shipments recovered to the levels recorded at the previous peak in the economic cycle reflecting the increase in demand before the rise in the consumption tax