Estonia has set an example that it is possible to muster the will to fulfil these criteria even in the midst of a global financial crisis. It is all the more the case that it should be possible to live up to the requirements of the monetary union after having joined – and that applies not only to Estonia, but to all its members.
This means that the central banks would be adequately involved in the new EU framework for central counterparties (CCPs) and trade repositories. They would cooperate with supervisors in the authorisation and the ongoing risk assessment of infrastructures, technical standard-setting and decisions regarding the recognitions of third country central counterparties and repositories.