Interbank connections in the Belgian banking system were studied from 1993 to 2002 to understand how they affect the risk of financial contagion. The researchers found that changes in the structure of the interbank market and an increase in cross-border interbank assets have reduced the risk and impact of contagion. Specifically, moving towards a multiple money center structure and a more concentrated banking market decreased the risk of contagion. Additionally, having more cross-border interbank assets lowered the risk of local contagion, although it may have increased the risk from foreign banks.