The ECB has a special interest in a stable and efficient financial system: first, because the Treaty explicitly requires the ECB, without prejudice to the overriding goal of price stability, to contribute to financial stability and efficiency. The ECB is required to do this by (i) promoting the smooth operation of payment systems (Art.
Most recently, we are faced with the prospect of the formation of huge financial conglomerates, composed of amalgams of firms that have previously operated within the roughly defined boundaries of their respective industries. In addition, we have witnessed a substantial degree of consolidation through mergers in the commercial banking and other industries.