This will be a powerful engine for the further integration of financial markets. Finally, we have launched recently a new initiative – TARGET2 securities, which will offer the settlement of securities transactions in the euro area. There we are still in the process of consultation with the private sector.
Through the Risk Management Guidelines, the RBM calls for active board oversight in policy and strategy formulation, review and ensuring that management executes its responsibility or is held accountable. Secondly, the governance structure should not impede proper risk management and reporting. Where this is the case, it should be addressed as a matter of urgency and priority.