In preparation for the introduction of real time gross settlement by the end of 2000, the Bank has been working hard on upgrading computer systems, and, at the same time, formulating new market practices together with market participants. In general, financial assets with low liquidity which are traded by a small number of investors in the market tend to show excess price volatility.
The successful completion of the changeover to the euro thus calls for concerted efforts, preparations and cooperation between all parties involved, at both the European and the national level. I would first like to briefly reflect on the role of the Bank of Greece in this process.