Indeed, this is particularly the case in the field of market infrastructures. It is one of the Eurosystem’s basic tasks under the Maastricht Treaty to promote the smooth functioning of payment systems, and the Eurosystem acts as both operator and overseer of these systems.
Because we offer services to all market participants which use the € as a transaction currency we see the need for integration of systems and harmonisation of rules, regulations and priorities. Why – 10 years after the introduction of the € – we still do not have an adequate infrastructure?