Moreover, higher CCP capital and skin in the game requirements would increase the cost of central clearing, which may conflict with the G20 objective of incentivising central clearing. Overall, it seems that we are currently in a stalemate on this issue.
Now, two days after the introduction of the euro banknotes and coins, I can say that the huge task of putting into circulation some 9 billion euro banknotes and over 51 billion euro coins serving more than 300 million citizens in twelve countries has so far progressed very smoothly, even beyond our own expectations.