As these standards can apply to domestic clearing systems, they are being used recently in many countries as guidelines for improving the integrity of private clearing systems. In Japan, it has recently been decided to enhance the safety measures of the Foreign Exchange Yen Clearing System so as to satisfy the Lamfalussy standards.
The situation in Greece shows how important it is to strictly apply credible fiscal rules. A lesson to be learnt from the recent events is to strengthen the fiscal rules in the euro area and to enforce their application.