in terms of market infrastructure risk management and transparency and the arrangements for cross-border cooperation among authorities. These lessons will be incorporated in the global CPSS-IOSCO recommendations for financial market infrastructures to be issued early next year. Despite the good performance of market infrastructures, there is a need to further develop highly resilient market infrastructures, particularly in the field of OTC derivatives.
Imbalances created over many years cannot be resolved in three years. Q – Is there a risk that, without the precautionary programme, Portugal would not proceed with reforms? A – There is obviously conditionality associated with the precautionary programme. Q – And there is not with a clean exit. That’s the problem. A – A clean exit has no formal conditionality attached to it.