4  BIS Review 81/2001  •  The location of the infrastructure for euro-denominated transactions in the euro area allows securities clearing and settlement systems to be properly regulated and overseen. This would help the Eurosystem, as the central bank of the euro, to ensure the smooth functioning of payment systems, to implement monetary policy efficiently and to pursue financial stability.
These are also the reasons why existing and possible future international agreements between central banks and securities regulators (for instance, the CPSS/IOSCO Recommendations) give a prominent role to "home" authorities.