The chairman of the Federal Reserve said today that the U.S. government will have to work with private firms to improve the way money is moved around the world. Speaking via video at a Bank for International Settlement (BIS) conference in Basel, Switzerland on March 18, Jerome Powell acknowledged that the current system of cross-border payments needs to be improved and digitalized. He said: “The COVID crisis as brought into even sharper focus the need to address the limitations of our current arrangements for cross-border payments.” It has, he said, “shined a light on the less efficient areas of our current payment system and accelerated the desire for improvement and digitalization.” A key…