This analysis suggests, somewhat surprisingly, and in contrast to other advanced economies, that the euro area specialisation overall has not changed much over last one and a half decades. There has been neither a decline in the specialisation in labour-intensive products, nor the expected shift towards more research-intensive production.
As mentioned by Governor Kroszner, enhancing the post-trading infrastructure does not automatically mean to introduce telles quelles the same techniques that CCPs use in exchanged-traded derivatives but rather to identify the solutions which are equally effective and take into account the different features of OTC markets.