But we need to bear in mind that the OCR structure has so far operated in fairly benign circumstances, and that we certainly haven’t escaped the prospect of periodic stresses and awkward decisions.
The launch of the single shared platform, TARGET2, planned for November 2007, will enhance financial integration even further, as it will provide a harmonised level of service and a single price structure for domestic and cross-border payments. The running of this large-value payment system is a very concrete example of how we provide central banking services that are conducive to fostering financial integration.