The role of the central banks in regional integration: Analysing financial convergence initiatives led by the Central Bank of Brazil and the Reserve Bank of India towards a regional payment system in MERCOSUR and SAARC KU Leuven
Central banks play a significant role in promoting regional economic, financial, and monetary cooperation by upgrading the payment and settlement systems. However, close coordination and cooperation require facilitating the implementation of reforms at domestic and cross-border levels in order to benchmark with international standards. This context tends to be influenced by the interests of developed countries and the dimensions of regulatory ...