As the late Pius Okigbo once argued, the socio-economic environment was one beckoning for a social revolution rather than ready for an industrial revolution. This was our past, and it is important in any analysis of the future, to keep a perspective on where we are coming from.
First, the creation of infrastructures for OTC derivatives with the decision to clear all standard derivatives products on central infrastructures by end-2012 at the latest. The Commission proposal for a European framework has been designed so as to aim at a level playing field with the approach in the United States. If decided on in due course, timely implementation could be assured.