My second example is the strategic reflections on the future of the Eurosystem market infrastructure. Investigative work has started in three key areas: (i) the consolidation of TARGET2 and T2S; (ii) settlement services to support instant payments; and (iii) a Eurosystem collateral management system. Work in those three areas is closely interconnected.
It revolves around making liquidity management within the fields of payment transfers, securities settlement and Eurosystem collateral management more efficient. Efficiency and innovation are the drivers for the future market infrastructure.