Such services are already available in some Member States, but they need to be widely available across Europe. Even if we are focusing on the euro area and the rest of Europe, we should however also aim for integration in a broader context, by bringing forward SEPA standards to a global level as an input for others.
Keeping markets continuously open requires policies and infrastructure that reinforce the private generation of liquidity in normal times and allow for central bank support in times of crisis. The cornerstone is clearing and settlement processes with risk-reducing elements, particularly central clearing counterparties or “CCPs.” Properly risk-proofed CCPs act as firewalls against the propagation of default shocks across major market participants.