Nor could it appear spontaneously as a product of competition; it had to be the object of a co-ordinated agreement by market participants, to which we, at the ECB, have provided our logistical support. In this particular case, the immediate beneficiary of integration was the community of money market participants as a whole.
Accordingly, the appropriate engine for integration was a co-ordinated action within this community. Let me provide you with another example of a situation where co-ordination could be exploited with benefits for all concerned. We have repeatedly insisted that the integration of the infrastructure of the euro area securities market should be driven by the market itself.