For this reason, the ECB has had to identify the most effective policy tools for repairing these disruptions, while remaining within its mandate. Financial integration is clearly in the interests of the market and it is strongly supported by the post-trade harmonisation initiatives that are taking place within the EU at the legislative, operational and business levels.
These initiatives all aim to remove national barriers and thus reduce the fragmentation of the European post-trade landscape. The integration of market infrastructure, the harmonisation agenda triggered by T2S and the regulatory framework are the key elements of a coordinated harmonisation effort that complements and supports financial integration.