Or from the build-up of imbalances in the private sector, particularly banking, which become unsustainable and turn  BIS central bankers’ speeches  1  into public debt, as in the case of Ireland.
This year is reserved for testing and it is set to go live in June 2015. This will be a major event with a strong impact on the financial services industry in Europe. All of this applies fully to ABS markets. Their settlement infrastructure will become more integrated and overcome obstacles that have so far hindered cross-border trade.