The process of consolidating the supervision of clearing and settlement activities and the increasing use of links challenge the present supervisory framework. The competence of oversight remains with the authorities of the country of origin of the system. However, co-operation between competent authorities for the oversight of trading venues and post-trading systems should be strengthened, both domestically and at the international level.
This provides an opportunity for trying to assess the quality of European integration over the last 50 years, especially in view of a comment I have recently read in an American newspaper published in Europe, which describes this integration process as shaky and unsure.