I will discuss these statements in a minute, but before turning to them I want to give you some background on the creation of the Financial Stability Forum, its composition, and its purpose. As you may know, the FSF was established in 1999, in the wake of the Asian financial crisis, to promote international financial stability.
The Eurosystem is responsible for operating two of the systems that form the backbone of financial markets in Europe, namely TARGET2, the real-time gross settlement system for the euro, and TARGET2-Securities (T2S), a service for the integrated settlement in central bank money of securities transactions.