Central Banking

Liquidity lessons from the crisis


Central Banking (CB): What do you see as effect of the financial crisis on payment and settlement systems?

Daniel Heller (DH): Recent months have highlighted the importance of safe and efficient market infrastructures. They are always important, but it became apparent that risk-mitigating systems are even more important in times of stress when liquidity is scarce and confidence is low. For me, an important lesson is that market infrastructure did not add to this uncertainty and lack of confidenc