For example, LCH has subsequently made changes to its intraday margining procedures in an effort to reduce liquidity pressures on its clearing members, allowing them to offset losses on their client accounts with gains on the house account. 12  11  “Supervisory Stress Test of Clearinghouses,” Commodity Futures Trading Commission, November 2016, www.cftc.gov/idc/groups/public/@newsroom/documents/file/cftcstresstest111516.pdf.
How can the European project be reinvigorated? Its initial goal, which was to guarantee peace, provide an anchor for democracy and promote prosperity, has lost its substance to a logic that is primarily economic and financial. The top priority remains growth and employment. Without that, Europeans will have difficulty understanding and accepting any steps towards further integration.