A recently published paper by ECB staff summarised the situation of the integration of securities market infrastructures in the euro area.8 The Eurosystem supports the Commission’s intention to put forward a proposal for a Directive on securities clearing and settlement to complement the market-led removal of the “Giovannini barriers”.
The exercise was aimed at tracing the sources of pain and pressure points so that remedial procedure could be administered. GOI must be complimented for extending total support by infusing capital /committing to infuse capital in the weaker PSBs. 10. Whether this surgery is successful? Did it have the desired impact? I would think so.