I understand that the feedback received on the working group’s recent public consultations, which you will discuss in detail at tomorrow’s meeting, was supportive and reflected the views of 1/2  BIS central bankers' speeches  a good number of respondents. That gives the working group a solid basis for proposing feasible solutions which can win market acceptance.
The ECB will do its part with the launch of its own overnight rate. We are aware that the launch of the new rate is essential in the sequencing of events for the year to come. In this regard, I am glad to confirm that the recently launched “shadow production” of the ECB overnight rate, is working well.