Such a plurality of mandates might give rise to a situation in which the independent ECB has to choose among different objectives, say between the objective of stable prices, on the one hand, and the consolidation of individual financial institutions, on the other. Fundamentally, that would be a political value judgement.
9 See ECB and Bank of Japan (2017), “Payment systems: liquidity saving mechanisms in a distributed ledger  environment”, a joint research project of the European Central Bank and the Bank of Japan – STELLA, September. 10 See also Committee on Payments and Market Infrastructures (2016), Fast payments – Enhancing the speed  and availability of retail payments, November.