Securities secondary markets may require prompt interventions by authorities to ensure their stability and functionality. This can only happen if a network between competent authorities for the efficient and timely exchange of information is in place. •  Securities clearing and settlement systems fall under the competence of both central banks and securities or banking supervisors and thus deserve joint consideration.
I am very pleased that you have offered to host the “New Face of the Euro” exhibition in the Sala Chaflán of the Banco de España. The exhibition focuses on the new series of euro banknotes. They will start to appear in May this year. Then the new € banknote enters into circulation.