The accelerating process of European integration has abolished various obstacles that were previously in place because of national boundaries and different legislations. And the development of a single financial market in Europe has led to a situation where the financial system can fulfil its core functions much better than it could fulfil them two decades ago.
Policymakers including central banks are increasingly asked to grasp those complicated interactions and market dynamics among various players as well as the impacts of technological innovation, and to maintain not only the soundness of individual players but  2  BIS central bankers’ speeches  also the stability of whole FMIs as an eco-system, with making full use of all the available policy tools.