In 2012, these groups published updated international standards for financial market infrastructures in the form of Principles for financial market infrastructures (PFMI) 5. These principles represent international best practice guidance for addressing risk and efficiency in FMIs, and many countries have adopted the principles as the basis for their oversight regimes.
Mr Draghi said last Thursday that there had been a brief discussion of negative interest rates and that any further LTRO would have to involve an extension of lending to the real economy. Are these two policies for which you feel as though you could build a strong consensus of support on the governing council should economic – or financial – conditions disappoint?