Tag Archive for Global Financial Authority

IMF/World Bank “Future of Global Financial and Monetary System” Seminar

In the context of rapidly increasing inter-dependence across national economies and shifting economic weight of different regions, the crisis has been a wake-up call for putting in place a global financial and monetary system that reduces the frequency and severity of crisis, underpinned by greater multilateralism in policymaking. Global cooperation and coordination on a wide set of issues, ranging from crisis prevention to regulatory and prudential reform and to provision of financial support, is critical for responding to the challenges presented by financial fragilities, external imbalances, weak fiscal positions and rising debt levels, and volatile capital flows.

Single Euro Payments Area (SEPA)

The Single Euro Payments Area is an initiative of the European Central Bank which will unify all of the retail payment markets in the euro area to form a single market. The initiative has three phases: a design phase, followed by a period of integration, followed by total migration to the new system. SEPA is currently nearing completion of its migration phase, indicating that its instruments are generally in use at this time.