Now the crucial phase is beginning when the ability of the new arrangements to meet the high expectations they are raising will be tested in practice. The measure of success will be whether the overall rulebook, with which financial institutions operating throughout the EU have to comply, becomes more homogeneous across countries.
Similarly, for most of these CCPs we have not yet even seen the adoption of a cooperation arrangement to support the necessary level of confidential information sharing. Against this background, I would like to reiterate the call that was made at this conference last year to accelerate the development of cooperative arrangements at the global level.