The securities industry increasingly needs a "domestic" infrastructure for the euro to cope with the new conditions. •  The fact that the geographical scope of a market infrastructure is the currency area is due not only to business reasons but also to policy reasons. Central banks have an interest in a coherent infrastructure for the currency for which they are responsible.
And should risks to price stability emerge, the Eurosystem has sufficient tools at its disposal to absorb excess liquidity. The second point I would like to highlight as a way of understanding the ECB’s current conduct of monetary policy is heterogeneity. The situation regarding economic growth is quite different across the euro area.