Together with Lucrezia Reichlin, I wish to thank these economists for having devoted so much of their time and knowledge to this project. We can conclude this introduction by noting that € appears to track the underlying trend cycle movements of GDP growth in the euro area remarkably well. But more on this later.
While this might seem like simply an interesting bit of history, the payments chains involved in central clearing are still very similar today. To guard against the same sorts of liquidity risk today, we need to make sure that every link in these chains will work as it is intended to under stress.