In this period of transition, we have to cope with a substantial degree of fragmentation of our securities infrastructure, which adversely affects market liquidity, leads to redundant investments in different systems, and requires additional layers of intermediation. Compared to, say the US, where the infrastructure has been over time highly consolidated, the costs of securities settlement are greater in Europe.
Although it is very hard to calculate the benefit that we could gain from consolidation and therefore the opportunity cost of the remaining fragmentation, there can be no doubt that it is substantial. I am of the opinion that there are good reasons to believe that integration in the European securities markets will accelerate in the future.