However, manufacturing and other industrial activities are clearly facing significant headwinds from protectionism and dislocations to GVCs, that may intensify in coming years should risks to international trade continue to materialize. 9  Criscuolo, C. and J. Timmis (2017): “The Relationship Between Global Value Chains and Productivity”, International Productivity Monitor, No.
I stressed that the fundamental objective of T2S is to contribute to making Europe a better place to invest. Let me say that this objective is not unique to T2S. It is the objective of all the harmonisation efforts that are being undertaken in the post-trade field, by all parties.