*  *  *  The “Paolo Baffi” Centre for Monetary and Financial Economics has invited me to give this talk to revive the custom of the “Reflections on Monetary and Financial Policy” that had been interrupted for a decade.
The finalisation of the T2S user requirements is a central element of this project, but it is not the only one. We are now embarking on a second phase work stream investigating the legal issues arising from the T2S project and looking at the future governance structure of T2S.