First, I will set out the main drivers of change that have been shaping Europe’s financial market infrastructure in general and the RTGS system in particular. Second, I will address the consequences of these drivers for change that the Eurosystem will have to tackle in its roles as operator, overseer and catalyst.
8 [15] See Central Statistics Office Business Impact of COVID-19 [16] Ibid [17] Central Bank of Ireland. "Trends in SME and Large Enterprise Credit and Deposits Q2 2020" 11 September 2020 [18] Ibid [19] Central Bank of Ireland.