We now have the onerous task of taking this to the next level especially now that the EAMU Protocol has been ratified by all Partners States. Fellow Governors, the ratification of the EAMU Protocol set the stage for the establishment of the policy, legal and institutional frameworks to support the creation of a single currency area.
However, the report also pointed out that HFT players accelerated price fluctuations by rapidly withdrawing liquidity during the propagation of market turmoil. 6 In August 2012, many stocks on the New York Stock Exchange experienced a "mini flash crash" due to a massive number of erroneous orders. The erroneous orders have been attributed to system issues caused by human error.