Reducing transaction costs and the need for international reserves is a primary objective to the establishment of regional payment agreements. Another objective, especially in the case of Latin America where the Ecuadorian promoters of the Bank of the South and the New Architecture are planning...

Fragmented payment systems are a major obstacle to financial integration at the regional and international levels. The European Union has launched ambitious policies for the ceation of common payment systems among its country members. Significant results have been achieved in some aspects, but...