I commend the KBA for seeking collaboration with other institutions, among them the Central Bank, in its research efforts. I see that collaboration in this research Conference manifested in the diversity of paper authorship.
On central counterparty (CCP) clearing, we must consider whether recent geopolitical events require the Eurosystem to take action to ensure that we continue to adequately  control the impact of offshore clearing activities on the stability of our common currency. Single market for capital To foster the smooth and effective transmission of monetary policy, an efficient and integrated financial system is key.