BIS Review 2/2008  3  potential to reduce counterparty risk and to help keep this market open in stressful times. A clearing house offers the advantages of robust operational arrangements and clear workout procedures in the event of a default.
Whether the rich countries of northern Europe will help the poorer countries in the south, that is a choice that will have profound consequences for the future of the Union. Who will decide at the end of the day? Today, the priority is the coordination effort to manage the present situation, the huge crisis that greatly affects us all.