Growth in output is being driven more by expansion of existing firms rather than through the creation of new firms. This pattern would suggest that new firms are not finding it easy to access funds from the banking system at reasonable risk adjusted rates.
Combined with legislation on CSDs and CCPs as well as MiFID, T2S will stimulate a new competitive environment in post-trading. Over the longer term, T2S will deliver significant benefits to the European economy. First, in T2S it will be as easy to settle cross-border transactions as domestic ones. This will enhance the ability of issuers and investors to reach across national borders.