But establishing such links would be a complicated undertaking, and risk within the links would have to be properly managed. In practice, while a few CCP links exist and are in operation (for cash markets, in particular), there is not yet a generally accepted model that could be used for the establishment of links among CCPs clearing trades in OTC derivatives.
The main message is that, from my point of view, the prospects for doing business in the euro area are favourable, as the structural environment is clearly changing for the better and the conjunctural economic environment is good. 2. The structural environment  Let me start with reviewing the structural economic environment.