The ECB and the Eurosystem prefer a market-first approach in this process, with a significant role given to self-regulation. Examples like the STEP initiative show that the private sector can contribute substantially to the integration of the European financial system and that the Eurosystem supports such market-led initiatives.
While expressing my congratulations to ACI – The Financial Markets Association on its 50th anniversary, I would also like to encourage you all to take up the challenges that lie ahead of us. STEP-like initiatives should become a more widely used approach to fostering financial integration in Europe. A lot has been achieved, but just as much remains to be done.