Moreover, consolidation may eventually lead to a reduction in competitive pressures with a negative impact on efficiency. The Eurosystem has formulated this position in a policy statement on consolidation in central counterparty clearing, which was published as early as September 2001.
Most countries, including our own, have independent central banks because it could sometimes be in the short term interests of governments and even firms to borrow from tomorrow to deliver goods today. Naturally, a key role of the financial sector is to intermediate between savers and borrowers, including between generations.