Agreements to facilitate the conduct of cross-border business
International agreements, largely among private sector participants, have provided the basic
infrastructure which allows the international financial system to function on a day-to-day basis. Like
"plumbing", such agreements are not often the subject of intellectual conversation. We simply assume
the plumbing will work. It is nevertheless important to take note of the important aspects of this
financial infrastructure as a prelude to assessing international agreements to foster financial stability.