Indeed the progress made so far towards the integration and development of the European financial system is a European achievement, and the creation of the euro has made a decisive contribution. Finally, I should also like to stress that, while financial integration is an important driver for increasing the efficiency of a financial system, financial efficiency also depends on other factors.
On the latter, I pause for a moment to recall that one important milestone was achieved earlier today with the signing of a Memorandum of Understanding between (I)CSDs, banks (in the name of the European Repo Council) and a CCP, with the respective parties committing to work further on a solution for triparty settlement interoperability.