In addition, they would foster the integration of the banking system not only at the money market level, but also at the retail level: the emergence of truly pan-European banking institutions, provided they are properly controlled, would attenuate asymmetric shocks within Member States and favour risk-sharing.
Some argued that the existing architecture provided a sufficient level of centralisation, or pointed to the potential cost of moving existing systems onto a hub. Others focused on the potential for some form of hub to provide real-time retail transfers and went as far as proposing a governance framework for such a system.