It may be necessary to consider whether there is a need to exempt recognise third-country central securities depositories and third-country payment systems subject to a cooperative oversight arrangement involving at least one central bank in of the ESCB. The rationale is that a suspension prohibiting a participant (e.g.
Of course, this was not the only reason for our somewhat surprising decision last Thursday. There were other reasons, too. I will come back to them later. In retrospect, in the eyes of the central banks involved, the merging to form a common, larger monetary area went beyond a mere geographical reorientation of monetary policy.