This is by no means an exhaustive list but I hope it can provide a useful starting point for the discussions that will take place during the rest of the day. As a final thought, I counsel policymakers and market participants alike to remember that no two crises are the same.
It can thus help achieve pan-European scale and prevent new fragmentation resulting from the development of national solutions, which may not operate across borders, or only in a limited way. TIPS is meant to complement the clearing services of ACHs. The two can complement each other to achieve reachability across Europe.