In the aftermath of the 2001 recession, the Federal Open Market Committee (FOMC) eased monetary policy substantially. However, the degree of easing in place in 2003 and 2004 was clearly unsustainable. Since mid-2004, the FOMC has gradually moved monetary policy from an accommodative stance to a more neutral position.
The participating CSDs will maintain legal relations with their customers and continue to perform custody and notary functions. The T2S project will make cross-border securities settlement transactions in central bank money as secure, efficient and cheap as domestic settlement transactions are today.