At the end of the summer, the ACI, the Financial Market Association, asked us to host on their behalf a public consultation that they are launching on the means to better integrate markets for short-term securities in Europe. We agreed to do so because this is exactly the sort of initiative that I have been describing above.
The lack of integration of short-term securities markets, relative to other segments of the money market, was identified some time ago. Competition alone did not allow us to overcome this problem, and while public action may be warranted to remove obstacles to this integration - in particular in the legal field it cannot achieve it alone.