New Cross-Border Payment System
Following two initial reports, the FSB has worked with other global regulators and international financial institutions to craft a framework it hopes will enhance cross-border payments and thus improve financial inclusion, emerging-economy growth, and financial stability.  Although actions and deadlines are laid out even as the FSB readily acknowledges that the plan is preliminary, its building blocks are very ambitious and often accompanied by specific deadlines to which global organizations have committed themselves.  It thus appears that structural change in cross-border payments will begin later this year even as broader policy issues remain under consideration.