As the plausibility of forecasts and the examination of risks play a key role, the new policy framework can be broadly described as a "forecast-based policy" which is inherently forwardlooking (Bernanke(2004)). The publishing of projections, and the related explanations and reasoning, contributes to enhancing the transparency of decision procedures.
In this respect, the ECB supports the views expressed in the CPSS-IOSCO recommendations according to which governance arrangements for a CCP should be clear and transparent in order to fulfil public interest requirements, support the objectives of owners and participants and, in particular, promote the effectiveness of a CCP’s risk management procedures. The features of post-trading structure should also in principle be market driven.