Banks have the choice to use more or less liquid assets as collateral, a facility which constitutes a big advantage in critical liquidity conditions such as those currently experienced by market participants. Some recent figures: The available eligible marketable collateral amounts to EUR 9 trillion.
As I highlighted in a speech in Frankfurt in April 2, I see three main roles for the Eurosystem in this regard: first, as an operator, to ensure that we provide the right services for the settlement of payments and securities; second, as a catalyst, to facilitate standardisation and interoperability; and third, as an overseer and supervisor, to safeguard financial stability and ensure a level playing field.