Key developments in the European financial system  Against this background, let me point out that the European financial system has experienced fundamental developments in the past years, which have a particular bearing on the EU financial stability arrangements. I would like to highlight three of them. First, the overall progress in European financial integration.
2 See Committee on Payment and Settlement Systems and the International Organization of Securities  Commissions (2012), Principles for Financial Market Infrastructures , report (Basel, Switzerland: Bank for International Settlements, April). 2/2  BIS central bankers' speeches