This change reflects, on the one hand, better information on country conditions and, on the other hand, a better risk assessment. It also reflects better macroeconomic policies and the implementation of internationally agreed standards and codes. However, we have no reasons for complacency.
On top of this – and this has moved more to the forefront in recent months – through its reduced liquidity needs and its operational robustness, T2S will also contribute to the stability of the financial system. Overall, this dynamic process is likely to create substantial gains for the European financial industry.