In Europe, the T2S project has made significant progress and, when implemented, it will be a significant step forward. T2S allows for more efficient cross-border collateral flows so that collateral in one country will be easily accessible in other countries.
In the article it was pointed out that Danmarks Nationalbank and the Chairmanship ("Wise Men") of the Economic Council did not have a comprehensive understanding of the pension system and that we were too partial in our analyses. That is naturally one way of viewing it, which I will not reject outright.