While some lower degree of liquidity of the repo market, in particular in the longer-term segment, should be borne in mind, the indicator for this market also suggests a high degree of integration.
This means we have very close financial relationships across the European Union. We must lead and influence regulatory policy at both European and global levels. In this context, it gives me enormous pleasure to welcome European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness, who will be speaking shortly as the highlight of the evening.