Our viewpoint is made up of those targets – in addition to that of price stability – that we, along with the other Eurosystem central banks, are pursuing, notably safeguarding the stability of the financial system and promoting financial market integration. It is a great deal easier to do so if the majority of European financial market operations take place within our European jurisdiction.
Yet that doesn’t change the fact that open, globe-spanning capital flows and financial markets are still highly desired and necessary. A self-assured digital city of Europe project requires the input of many stakeholders, all working together in a new direction.