Absent of this, would have the dire consequences that the saving-invest imbalance would find the solution via a fall in nominal income levels as a means to compress savings. By mitigating a prolongation of the recession, monetary policy can help prevent hysteresis from gaining a foothold in the labour market, which in itself weighs on an economy’s economic potential.
I stressed that the fundamental objective of T2S is to contribute to making Europe a better place to invest. Let me say that this objective is not unique to T2S. It is the objective of all the harmonisation efforts that are being undertaken in the post-trade field, by all parties.