A significant process of consolidation has taken place since the introduction of the euro, although the European securities infrastructure remains fragmented. The ECB has a particular interest in an integrated securities infrastructure because it uses it for collateralisation in the context of its monetary policy implementation and for intraday credit operations for payment system purposes.
This would not only help us advancing the foundations of national and regional supervisory policies but also the foundations of global macroeconomic policy coordination. BIS central bankers’ speeches  3