While CCBM2 is first and foremost a collateral management facility for the Eurosystem (a "Eurosystem back office"), it will at the same time bring new opportunities for Eurosystem counterparties to reduce back-office complexity and cost and optimise their collateral and liquidity management with the Eurosystem. By harmonising procedures related to the Eurosystem credit and collateral management, it will also create a level playing field.
Although with the launch of the euro, the exchange rates of the currencies of the euro area countries became irrevocably fixed and the national currencies were only expressions of the same currency, for most residents of the euro area the euro only arrived with the introduction of the new euro banknotes and coins at the beginning of this year.