For example, some services offer real-time funds availability to certain consumers, but they conduct interbank settlement on a deferred basis using legacy systems. This type of settlement entails a buildup of obligations—like IOUs between banks—that could present real risks to the financial system in times of stress. These are not resilient long-term solutions for our dynamic economy and the banks that support it.
As trade and capital movements have been to a large extent liberalised well before accession, the degree of integration had already reached a significant level between the new and previous Member States.