•  Today, I would like to provide a perspective on some of the recent developments. I will first describe the traditional situation and the changes currently taking place. I shall then discuss the future European/euro area securities infrastructure. To do so I will touch upon some very debated issues: integration and consolidation; open architectures; natural monopolies; and use of central bank money.
Finally, I will devote a few words to the role authorities can play, with a view to facilitating progress towards a new securities infrastructure for Europe. 2. The clearing and settlement of securities in Europe  •  Traditionally countries, coinciding with currency areas, developed their own coherent "domestic" infrastructure in terms of securities trading, clearing and settlement systems.