Although I’ll focus mainly on the stability efforts of the Federal Reserve, a number of federal regulatory agencies have responsibilities in this area. All of these agencies are represented on the Financial Stability Oversight Council, or FSOC, which is chaired by the Treasury Secretary and which provides a forum for interagency cooperation in responding to emerging risks.
BIS Review 151/2010  1  In my intervention today I will, therefore, focus on two projects that aim to address the fragmentation still present in the field of retail payments and securities settlement: the Single Euro Payments Area (SEPA) and Target2 Securities (T2S). Let me start with SEPA.