At the moment, EMIR only explicitly provides for interoperability arrangements relating to cash products and money market instruments; however, the Regulation does state that the scope of interoperability should be subject to future review. The existence of this review clause, as well as the forthcoming entry into force of the mandatory clearing obligation, make discussions concerning the scope of interoperability rather topical.
The budget rules put in place back in 1990 and extended several times thereafter--both the caps on discretionary spending and the PAYGO rule--were allowed to expire after 2002, though the commitment to these rules had waned considerably over the preceding years. Besides these policy actions, spending for federal health programs also increased at faster rates as a result of a reacceleration in medical costs.