We also support the position of ECOFIN, which in December 2008 endorsed the idea of introducing a European CCP for OTC credit default swap markets. And we see considerable merit in having this infrastructure located within the euro area. III.
The EU’s supervisory framework  Let me now come to the third and last element of my reflections this morning: the supervisory framework in Europe. Many issues are currently under consideration. I would like to focus on a dimension that is very relevant from a central banking perspective, namely macro-prudential supervision. Macro-prudential supervision of the financial system by central banks needs to be strengthened.