Despite considerable improvements in the efficiency of CCBM processing procedures, market participants have on various occasions expressed the view that the CCBM is not yet able to meet all of banks’ needs. Taking note of these trends in collateral business practices, the Eurosystem has invited market participants to rethink current arrangements by focusing on possible future alternative cross-border collateral facilities.
Another obvious example in the area of providing central banking services is our payment system, TARGET, which has clearly fostered European financial integration. TARGET was operational from the first day of Monetary Union as a platform for balancing liquidity surplus and deficits.