Behind these changes there are several underlying factors. Among the most important is rapid technological progress, leading to dramatic reductions in transportation costs and an unprecedented increase in information processing capabilities. Policy measures have also supported the globalisation trend, with the loosening of restrictions to trade and the liberalisation of capital movements.
My second example is the strategic reflections on the future of the Eurosystem market infrastructure. Investigative work has started in three key areas: (i) the consolidation of TARGET2 and T2S; (ii) settlement services to support instant payments; and (iii) a Eurosystem collateral management system. Work in those three areas is closely interconnected.