A brief retrospective on financial regulatory progress It’s useful to divide the regulatory reform work of the past few years into three categories: strengthening the basic bank regulatory framework, reducing the threat to financial stability posed by systemically important financial institutions (SIFIs), and strengthening core financial markets and infrastructure.
Still more significantly, the  BIS Review 108/2008  1  Eurosystem will deliver TARGET2-Securities (T2S) no later than 2013, to make settlement of securities against central bank money at least as secure, efficient and cheap as domestic securities settlement are in any European market today. My understanding is that these projects need to work in harmony with other integration projects, especially harmonisation.