The T2S settlement system will act as a driver to promote harmonisation within the European securities industry, creating opportunities for cost savings and allowing market participants to select and choose post-trade partners irrespective of their location within the single market. The impact of T2S on harmonisation is already being felt, building on valuable work by the CSDs.
Before focusing on the economic outlook and topics for today, let me therefore say a few words on the economic governance reform. Comme vous le savez, le conseil Ecofin a adopté la semaine dernière une « approche générale » sur ce dossier. Cette approche contient diverses améliorations.