This Convention was signed on 9 June 2006. Since then, 32 STEP-compliant programmes, amounting to EUR 166 billion, have been launched under the STEP label. The ECB has supported the STEP initiative since its inception in 2001. During the preparatory phase, the ECB facilitated coordination among market players, contributed to the STEP Task Force of the Financial Markets Association ACI and provided legal assistance.
The Eurosystem’s ongoing contribution to the STEP market focuses on two main activities. First, until June 2008, the ECB and nine of the Eurosystem’s NCBs will provide technical assistance to the STEP Secretariat concerning the STEP labelling process, whereby the ultimate responsibility for granting and withdrawing the STEP label fully rests with the STEP Secretariat.