All in all, a system of Community law has evolved, also for the euro, which is dominated, in a spectrum from high to low legislative influence, by notions such as unification, harmonisation, approximation, implementation and self-regulation. The road towards unification, if achievable at all, is of an evolutionary nature, where each legal action is determined on a case-by-case basis.
In my view, the TAF operations have been successful, as they were well received by market participants’ high demand, and succeeded to address the liquidity challenges in the global term money markets.